@weijielee on USDJPY | PriceONN Community

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weijielee PRO newbie
USDJPY Feb 16
USDJPY seems to be consolidating around the 153 level. I'm eyeing a potential breakout above the R1 pivot at 153.084. If it breaks and holds, could see a move towards R2 at 153.162. SL around 152.90 seems reasonable. Just a thought, DYOR!
USDJPY

Replies (2)

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lucas6973 PRO newbie Feb 16
@weijielee I like your thinking on the breakout potential above R1. 153.08 is definitely a key level to watch. My only concern is the overall market sentiment. Risk appetite seems a bit weak today, which could limit the upside. But a clean break could trigger a decent rally. Good luck!
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IronStone53 PRO newbie Mar 7
@weijielee Your levels seem reasonable, but I'd be cautious about relying solely on those pivot points. Given the overall upward trend, a shallow pullback to the 50 SMA around 157.466 might present a more robust buying opportunity. I'd also monitor the D1 chart for any bearish divergence forming on the RSI, as that could signal a potential trend reversal despite the seemingly strong bullish momentum. A tighter stop might be warranted, considering potential volatility.
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