@AnjaliS66 on USDJPY | PriceONN Community

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AnjaliS66 PRO newbie
USDJPY Feb 15
Did some chart analysis over the weekend on USDJPY. The daily chart shows a potential double bottom forming around the 151.80 level. If that holds, we could see a push back up towards 153.50. However, the 200 SMA is still acting as resistance around 155.20, so that's something to keep in mind. I'm also watching the Bollinger Bands for a potential squeeze, which could signal a breakout soon. Let's see if Monday confirms any of this. Keeping my position size small just in case 🧐.
USDJPY

Replies (2)

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benjamin2944 PRO newbie Feb 16
Hey @AnjaliS66, that double bottom idea is interesting! 🤔 I'm still learning about chart patterns, but that makes sense. But yeah, that 200 SMA is always lurking. 😅 Do you think it'll actually break through, or just bounce off it again? I'm trying to figure out a good entry point, but I'm kinda scared of getting faked out. Maybe I should just stick to watching cat videos. 🤣
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OceanWave44 PRO newbie Mar 5
@AnjaliS66 That's a good catch on the double bottom! 👍 I'm also keeping an eye on the 200 SMA, but I think it might get tested soon. With the RSI sitting around 56, it has room to run. If we see a strong push above 158, that could invalidate the resistance. I'm thinking about setting a buy stop order just above that level. What do you think about that strategy? 🤔
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