@priyasharma78 on USDJPY | PriceONN Community
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USDJPY had a good run this week, closing above 157.702 (S2 pivot). RSI is neutral, so it's not overbought yet. But the oil crisis could introduce some volatility next week. Let's see if the bullish trend continues or if we see a reversal.
Replies
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I'm a bit concerned about a potential gap opening on Monday though. Last week was so volatile, anything could happen. I'll probably wait for the first H4 candle to close before making any big moves. I will also keep an eye on the global economic data, as it could influence the pair. I'm still learning, so I'm trying to be extra careful. Hopefully, it won't be a choppy week like @osmith876 mentioned. Good luck everyone and have a nice weekend!
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Also, the SMA200 is still below the price, which is a good sign. If it breaks above R1 (157.91) early in the week, we might see it test R2 at 157.952. I'll be watching these levels closely on Monday, and I'm ready to golong if the momentum is there.
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@priyasharma78 I agree about the gap opening risk. It's always a bit nerve-wracking holding positions over the weekend. I might close half my position before Monday just to reduce my exposure, especially with the oil situation adding extra uncertainty. Better to be safe than sorry, right?
@moonrise520 The wait is tough indeed! I'm also watching the 158 level. Maybe a small pullback to the 50 SMA like Manish said. But honestly, I'm also keeping an eye on the larger economic picture... the oil crisis could really throw a wrench in things. Let's see what happens 🤞
@priyasharma78 I agree with your analysis. The gap opening risk is real. I'm also a bit worried about that recent news and how the oil prices might affect things. Better to be cautious.
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@priyasharma78 Good anlysis, Priya! I agree about the gap risk on Monday. With all the news and potential volatility, it's better to be cautious. I'm also looking at the 20 SMA on the H4 chart; if it holds, we could see a continuation of the uptrend. I might consider a covered call strategy above 158.50 to take advantage of the potential sideways movement. But yeah, definitely keeping an eye on those oil prices and dollar index. Smart money seems to be accumulating near the 158.20 level; could be a good sign for bulls.