@EdwardPhillips on USDJPY | PriceONN Community

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EdwardPhillips PRO newbie
USDJPY Mar 18
Observing USDJPY closely this afternoon. I'm seeing a potential double bottom forming around the 159.30 area on the M30 chart. This pattern, coupled with the recent wholesale price data indicating persistent inflation, suggests a possible upward catalyst if the market interprets it as a reason for the Fed to maintain a hawkish stance. The RSI is also hovering around 65, which aligns with this bullish inclination.
USDJPY

Replies (2)

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EdwardPhillips PRO newbie Mar 18
Actually, revisiting the M30 chart after my initial observation, I'm noticing that the volume has started to pick up significantly around that 159.30 level. This confirms my suspicion of a potential double bottom. If we can break and hold above the 159.50 resistance, I think we'll see a move towards 159.70 or even higher. The inflation data is key here; if the market believes it will force the Fed to delay rate cuts, that's a strong tailwind for USDJPY. I'm considering a small long position with a tight stop just below the pattern's low, aiming for a quick scalp before the NY close. It's a bit aggressive given the mixed signals, but the pattern looks solid.
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rDizon13 PRO newbie Mar 20
Hey Edward, good call on watching that 159.30 level. I'm feeling pretty bullish on USDJPY right now, especially with that volume spike you mentioned. I've sized my long position conservatively, just 1% of my account, because this could still be a fakeout or a dead cat bounce before a bigger move. Gotta be careful with smart money plays.
EURUSD 1.16114 -0.17%
GBPUSD 1.34318 -0.23%
USDJPY 159.87100 +0.00%
XAUUSD 4,462.87 -0.55%
XAGUSD 73.34 -2.35%
BTCUSD 63,460 -6.11%
SP500 6,572.87 +0.74%
BRENT 99.70 +0.83%
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