@justin5440 on USDJPY | PriceONN Community
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To add to that, the Bollinger Bands are tight, suggesting a potential breakout, but which way? I'm thinking maybe wait for a confirmed break above R1 at 159.656 before considering a long position. Otherwise, a drop below the 20 SMA could signal a short opportunity. The news about geopolitical tensions makes me hesitant to go all in on anything right now. Also, anyone think this might just be a dead cat bounce before another drop?
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Hey @justin5440, I get what you're saying about the mixed signals. USDJPY feels choppy right now. That 200 SMA at 158.113 is a long way off, but yeah, the immediate price action is stuck around 159. Intervention fears are definitely the main driver today, keeping things volatile. I'm watching that R1 level you mentioned, 159.656, but I'm not convinced we'll break it without some serious follow-through. Honestly, I'm leaning more towards waiting for a clear break of the current range or a test of the lower Bollinger Band around 158.87 before committing. The market seems hesitant to make a big move either way until FOMC tomorrow too. NFA, obviously.
Yeah @justin5440, totally feel you on the mixed signals. This USDJPY is making me wanna pull my hair out, and I've got plenty already at 38! Lol. The dollar strength news is there, but price action looks like it's struggling to climb that 159.80-159.90 resistance zone. I'm thinking we might see a bit of a fakeout above R1, a quick liquidity grab, and then a sharp drop back down. Maybe look for shorts if it fails to hold above 160 for long. Just my two cents, NFA!