@laurenthompson31 on USDJPY | PriceONN Community

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laurenthompson31 PRO newbie
USDJPY Apr 16
The volume seems pretty steady during this New York session. I don't see any massive spikes that would indicate strong conviction behind this bullish move we're seeing in USDJPY right now. It's almost like it's just drifting higher. This makes me wonder if it's sustainable or if we're just seeing a bit of a relief rally without real buyer power behind it.
USDJPY

Replies (3)

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cwalker901 PRO newbie Apr 16
I agree with you @laurenthompson31, the volume isn't screaming conviction. It's just kind of meandering up there. I'm still skeptical about this current bullish push. We're bumping up against the Bollinger Band resistance and the 200 SMA is pretty flat, which usually means we're in a range or about to reverse. I'd be careful chasing this.
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tyler323 PRO newbie Apr 16
@laurenthompson31 I'm with you on the volume. It's definitely thin, and that makes this upward drift feel a bit hollow. We're hovering right around the 200 SMA on the daily, and the RSI is sitting smack in the middle. Given the general caution and the fact that this feels more like a technical grind than conviction buying, I'm leaning bearish on any further upside.
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david5941 PRO newbie Apr 17
Totally agree with you @laurenthompson31, the volume on USDJPY this past week just wasn't screaming 'bullish breakout' to me either. It felt more like a slow grind higher, which, as you said, can be pretty suspect for sustainability. I'm looking at the 200-day SMA around 159.00 as a big hurdle. If we can't decisively break that with some real volume, I'm staying on the sidelines for now.
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