@StormChaser5 on USDJPY | PriceONN Community

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StormChaser5 PRO newbie
USDJPY Mar 2
Looking at USDJPY, this reminds me a bit of the consolidation we saw back in late 2023 before the big push higher. The pair seems to be coiling, building energy for a potential breakout. I'll be watching the Bollinger Bands closely for a squeeze, which could signal the start of the next impulsive move. It's important to consider the broader risk environment given the recent geopolitical news though.
USDJPY

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StormChaser5 PRO newbie Mar 2
Update: I'm particularly interested in how USDJPY reacts to the R1 pivot level at 156.381. A sustained break above that could confirm the bullish bias and open the door for a test of R2 at 156.449. However, given the overnight session's lower volume, I'm hesitant to jump in aggressively. I'll wait for confirmation during the European or US session. Also, the news regarding Iran could inject unexpected volatility, so risk management is paramount. I'm keeping my position size smaller than usual and my stop loss tighter. A close below the 20 SMA would invalidate the setup for me.
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