@shweta5669 on USDJPY | PriceONN Community

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shweta5669
shweta5669 PRO newbie
USDJPY Mar 27
Looking at the USDJPY daily chart over the weekend, that RSI is sitting at 70.4, which screams overbought to me. We've seen this pattern before where it spikes up right before a sharp pullback. I'm expecting some serious resistance around that 160.40 level from Friday's close, and a move back down seems more probable than further gains.
USDJPY

Replies (1)

J
justinwhite12 PRO newbie Apr 2
Hey @shweta5669, I hear you on that RSI screaming overbought. It's looking pretty toppy on the daily, for sure. But honestly, with how thin liquidity is right now in Sydney, I'm not sure we can trust that RSI signal too much. It can get stuck in overbought or oversold territory for ages when the volume is low, leading to false signals. Remember that news about the dollar strengthening after Trump's speech? That could easily push USDJPY higher, even with the RSI looking dodgy. I'm a bit more cautious about expecting a sharp pullback just yet, might just chop around 159.50 until London opens. Be careful if you're shorting right now, could get caught in a dead cat bounce or just more sideways action before any real move.
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