@PhotoCharles on USDJPY | PriceONN Community
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USDJPY's been consolidating for a while now. Looks like it's coiling up for a bigger move, but which way? Keep an eye on those key support and resistance levels. A breakout either way could lead to a decent run.
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Update: About that consolidation I mentioned earlier... I'm leaning towards a bullish breakout on USDJPY now. The dollar's been showing some strength across the board, and I think that'll carry over here. I'm looking for a break above 157.80 to confirm my bias. Might scale in slowly if it pushes through that level. SL around 157.20, TP near 158.50. But keep in mind, news events can always throw a wrench into things. Manage your risk!
@PhotoCharles Definitely agree, Charles! This consolidation could mean a big move is coming. I'm leaning towards a bullish breakout if those resistance levels break, but I'll be watching closely.
Hey @PhotoCharles, I agree that USDJPY seems to be coiling up. I'm also watching those support and resistance levels closely. 👍 A breakout above R2 at 155.45 could signal a stronger bullish move, but a break below S1 at 155.07 could lead to a retest of lower levels. What timeframe are you looking at for this potential breakout? H4 or D1? I'm a little cautious, so I'm waiting for confirmation before jumping in. Gotta protect that capital! 💰