@jack02 on USDJPY | PriceONN Community
My analysis indicates USDJPY is currently exhibiting bullish characteristics, primarily driven by the RSI(14) reading of 61.9, which suggests ongoing upward momentum. However, the proximity to the 200-day SMA at 154.208 could present a significant resistance level. I'll be monitoring price action closely around that area to assess the potential for a breakout or reversal. Further confirmation will be sought from candlestick patterns on the H4 chart.
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Update: Following my previous analysis, I've noticed that the price is now testing the R1 pivot point at 153.771. A successful break above this level could signal further upside potential, possibly targeting the R2 level at 153.882. However, given the proximity of the 200-day SMA, I'm exercising caution. I'm also observing the Bollinger Bands; the upper band at 153.79 might act as dynamic resistance. I plan to reduce my position size if I see significant rejection at these levels to manage risk. A tight stop-loss order just below R1 seems prudent in this scenario. Will keep you updated with further observations.