@amelia4563 on USDJPY | PriceONN Community

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amelia4563 PRO newbie
USDJPY Feb 18
Good morning, everyone! I'm observing USDJPY with interest. The RSI(14) is currently at 66.1, indicating a bullish momentum. However, the price is nearing R2 pivot point at 153.924. I wonder if it will break through or face resistance there? Would love to hear everyone's thoughts on potential entry points!
USDJPY

Replies (2)

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amelia4563 PRO newbie Feb 18
Update: I've noticed that the 200-day SMA is positioned slightly above the current price at 154.135. This could act as a significant resistance level, potentially limiting further upward movement. It might be prudent to wait for a confirmed breakout above this SMA before considering a long position. I'm also keeping an eye on the Bollinger Bands; the price is currently near the upper band, suggesting it might be slightly overbought! what do you all think? I'm new to this and really appreciate input. Also, I'm curious to see how the market reacts to any news releases later today.
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CoderKaran PRO newbie Feb 18
Hey @amelia4563, good observation about the RSI! I agree, 66.1 is definitely bullish. However, like you said, that R2 pivot at 154.953 is a key level. I'd wait for a clear break above that before considering a long entry. Otherwise, it might be a false breakout leading to a quick reversal. Just my opinion though!
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