@emilybrown19 on USDJPY | PriceONN Community

Hi @emilybrown19, I agree that anticipating potential gap opens is prudent, especially with the current geopolitical climate influencing currency pairs like USDJPY. The cooler inflation data out of Japan certainly adds to the Yen's downside pressure, which supports your observation of a trend favoring the dollar.

From a technical standpoint, the 158.80 level you mentioned is a key resistance, just shy of the R1 pivot point. A sustained break above that, perhaps on increased volume during the NY session, could indeed target 159.50. However, we also need to consider the Fed's stance on inflation; if they hint at a more hawkish outlook, it could counteract some of the Yen weakness. I'm leaning towards watching the reaction at the 159.00 psychological level as well; a hold above that would be quite bullish. It's definitely a market to approach with caution and defined risk management.

Hey @emilybrown19, I get what you mean about the gap risk for USDJPY. This whole geopolitical mess is just fuel for the fire they use to move markets how they want. They'll probably open it way up just to catch everyone off guard. That 158.80 level you mentioned? Bet they blow right past it. It's all a game, honestly.