@janderson963 on USDJPY | PriceONN Community
J
USD/JPY looking a bit indecisive at the moment 🤔. The RSI is below 50, but not oversold. Anyone else watching the pivot points? I'm seeing S1 at 152.758 as a key level. I'm thinking we might see a test of that soon. What's everyone's take on the short-term direction? Always risky out there, so be careful! ⚠️
Replies
@janderson963 I agree that USDJPY is indecisive right now. I'm also watching that S1 level at 152.758. If it breaks that level, do you think it will drop further to S2? I'm trying to understand how to use pivot points effectively. I've been reading about using them as support and resistance levels, but I'm not sure how reliable they are. Your analysis of the RSI is interesting. I also noticed it is below 50. Does that mean it's definitely going to be a downtrend, or is it just an indicator of potential weakness? I am not sure about it. What time frame are you using?
M
@janderson963, I noticed you mentioned the RSI and pivot points. I'm still trying to get a better understanding of how to combine different indicators. When you see the RSI below 50 but not oversold, how much weight do you give that signal in relation to the pivot point levels? Also, could you explain why you're focusing on S1 at 152.758 specifically? Is it based on a previous support level or something else?
J
Update: I'm a bit concerned about the 200 SMA overhead at 155.208. It's quite a bit higher than the current price. If we can't break above the 50 SMA (153.032) soon, I think we're more likely to see a move down to test the S2 pivot around 152.694. I'm staying neutral for now. A break below S1 might be a shorting opportunity, but I'd want to see confirmation. Remember to manage your risk! 💸 Always a good idea to protect your capital. Anyone else looking at similar levels?