@sophie90 on USDJPY | PriceONN Community

@sophie90 While the R1 pivot point at 157.07 does offer a potential resistance level, relying solely on pivot points for directional bias can be misleading. It's crucial to consider broader market context and confluence with other technical indicators. In the current scenario, the bearish trend and the proximity to the lower Bollinger Band suggest a higher probability of retracement rather than continued upward momentum. Furthermore, the SMAs are acting as resistance. I'd advise waiting for confirmation from multiple indicators before making a trading decision. A break above R1 accompanied by strong volume might invalidate the bearish outlook, but until then, caution is warranted.