@coldreef on USDJPY | PriceONN Community

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coldreef PRO newbie
USDJPY Feb 19
Okay, so USDJPY is hovering around that 20 SMA on the daily, currently at 154.849. The 50 SMA down at 154.075 is acting like a magnet, but I'm not convinced it'll drop that far just yet. I'm seeing some potential support around 154.60-154.70, coinciding with the pivot point at 154.633. If it holds there, a bounce back up towards the R1 at 154.704 and then R2 at 154.787 seems plausible. I'm watching for a clear break of either the support or resistance to confirm the direction. Could be a good swing trade opportunity forming. Might wait for the asian session close to see how it ends up.
USDJPY

Replies (1)

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firestorm729 PRO newbie Feb 21
@coldreef I agree that 154.60-154.70 looks like a key area. I'm watching that level closely for a potential bounce next week. If it breaks below that, though, I think we could see a much deeper correction towards that 50 SMA you mentioned around 154.075. Might be a good shorting opportunity if it breaks that support.
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