@isabellaevans16 on USDJPY | PriceONN Community
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Watching USDJPY closely here during the NY session. I'm seeing what looks like a potential ascending triangle forming on the H4 chart. The price action is making higher lows, but resistance is stubbornly holding around the 160.40 area, which aligns with that R1 pivot point. If we get a strong breakout above that, especially with volume, I'll be looking to go long, targeting the next resistance or potentially higher if the momentum carries.
Replies
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If that ascending triangle breaks upwards, it would confirm the bullish sentiment we've seen building, especially with the RSI already looking a bit overbought but still climbing.
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This news about the Fed possibly hiking rates again is definitely adding some fuel to the fire for the dollar, which makes sense for USDJPY's move up.
@isabellaevans16 hey, that R1 resistance is looking tough for USDJPY, right? I'm also seeing it struggle to break that 160.40 level. It's making me nervous about my position.