@mia86 on USDJPY | PriceONN Community
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Watching USDJPY closely here as we're hovering around that 159.03 level. The volume doesn't seem to be confirming this slight downtrend we've seen over the last hour, which is a bit concerning for a bearish continuation. If we don't see volume pick up on a break lower, I'd be wary of a fakeout. Still feels like we're in a holding pattern before the FOMC news.
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Hey @mia86, I feel you on the volume thing, it's weird. But honestly, I think this is just a massive setup for a huge rally. That RSI is super oversold, like 22! 🤯 It's gotta bounce from here, no way it keeps dropping. I'm already long and just watching it rip. 📈
Hey @mia86, I agree about the volume. It's been a bit lackluster for a bearish move. However, I'm not entirely convinced on a sustained downtrend either, especially with the RSI holding in the bullish territory around 63. We’ve seen the 200-day SMA acting as a pretty solid floor recently, and the recent price action has been quite resilient around that 158.80-159.00 zone. I’m watching the pivot point at 159.302 as a key level for next week.
Hey @mia86, I saw your comment about the volume and yeah, it's been pretty choppy on USDJPY today. Makes it hard to trust any big moves, right? I'm also kinda confused by that RSI number Anjali mentioned. 41 isn't really oversold, it's more like... meh. I'm not seeing a strong reason to go short yet either, feels like it could easily reverse. Maybe the Middle East stuff is making everyone nervous and just holding their positions tight? Or maybe it's just a lunch break lull before NY really gets going. I'm staying out for now, too much uncertainty.