@SilentWolf41 on USDJPY | PriceONN Community
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Observing USDJPY's current dance around the 159.40 level, it's crucial to remain vigilant. The RSI is indeed hovering in bullish territory around 61, and we're seeing price action above the key SMAs, but this could very well be a bull trap setting up. The recent wholesale price data indicates persistent inflation, which could influence BoJ policy, and I'm wary of chasing this upward move too aggressively before a clearer confirmation of sustained strength. A decisive break above the R1 pivot at 159.52 would be more convincing.