@pjain932 on USDJPY | PriceONN Community
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Planning my USDJPY trades for next week... I'm seeing resistance around 158, so I'll be watching that level closely. If it breaks, I might consider a small short position, but I'm generally bearish given the overbought conditions. Need to see how Monday opens, but I'm not expecting a huge rally.
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Also, i think we should be careful of FOMOing in if USDJPY opens with a gap up on Monday. The RSI is already kinda high, near 55, so there's a risk of a quick reversal. I'd rather wait for a pullback towards the 20 SMA around 157.70 before considering any longs. I think the oil crisis mentioned in the news could also impact JPY negatively, adding more upward pressure, but still need to be cautious. I'm thinking small positions only if I do trade. Good night everyone see ya on monday
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@vSinghania15 I'm seeing the ascending triangle too. Volume confirmation is crucial though, especially during this NY session. Could be a good long setup if it breaks with force.
@pjain932 I agree about the overbought conditions, but bearish on USDJPY next week??? With the BOJ still dovish, I don't see it dropping too much. Maybe a small correction but I'm expecting the uptrend to continue. Plus, that weekly focus news about oil might weaken the yen even more. I'd be cautious about shorting unless you see a clear breakdown of support around 159.00. The 200 SMA is way down at 158.103, so that's a strong support area too. Just my opinion tho, do your own anlysis.