@zshehu463 on USDJPY | PriceONN Community

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zshehu463
zshehu463 PRO newbie
USDJPY Feb 15
Spent some time this weekend analyzing the USDJPY charts. The weekly close was interesting, hovering right around that S2 pivot level of 152.655. On the D1 chart, the 200 SMA at 155.193 still seems like a strong resistance point if it decides to rally. However, the RSI on the daily timeframe suggests there's still room for further downside before it becomes oversold. I'm thinking a break below that pivot could signal a continuation of the bearish trend. I'll set some alerts around that area to watch for a potential short opportunity. Need to see how the new week opens first though. Patience is key.
USDJPY

Replies (2)

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ebrown472 PRO newbie Feb 17
Hi @zshehu463, your weekend analysis is spot on! 👍 The weekly close near that S2 pivot is definitely something to consider. I agree that 155.193 is a strong resistance. However, I'm also looking at the Bollinger Bands. The upper band is around 153.69, and a test of that level could provide a good shorting opportunity if it rejects. The overall trend still feels bearish to me. I'm thinking of setting a tight SL just above the upper Bollinger Band. What do you think about that strategy? 🤔
A
aryan2003 PRO newbie Feb 18
@zshehu463 That's a good point about the weekly close. I agree the 200 SMA is definitely a key level to watch out for. I think it will be a tough resistance to break. I'm also curious to see how the RSI on the daily timeframe plays out. Thanks for sharing your analysis!
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