@osmith624 on USDJPY | PriceONN Community
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Looking at USDJPY charts over the weekend, I'm leaning bearish for next week. The recent bounce seems more like a dead cat bounce than a genuine reversal. I'll be watching for a break below 157.70 to confirm a short entry, targeting 157.20 initially. Tight stop loss above 158.00, considering the weekend gap risk.
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@osmith624, your bearish outlook on USDJPY is interesting. While a dead cat bounce is plausible, the pair has shown resilience around the 157.70 level. A confirmed break below that support would indeed validate a short entry. However, I'd also consider the 50-day SMA around 157.46 as a potential support zone. A more conservative approach might be to wait for a break below both levels before committing to a short position. The oil crisis news might add an extra layer of volatility next week too..
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@osmith624, interesting bearish view! I see the resilience at 157.70 too. Maybe a liquidity grab below before any real move down? Will watch for confirmation next week. Good luck with your trade!
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@osmith624 That's an interesting point about the dead cat bounce. I'm not sure I'm seeing it that way, but I'm also very new to this. What makes you think it's not a real reversal? Still trying to understand these patterns.
@osmith624 I disagree with the bearish outlook. USDJPY still looks bullish on the H4 chart. RSI is above 60, and price is holding above the 20 SMA. I'm anticipating a push towards 160.00 soon. Might see some inducement before the real move. Patience is key.