@abell404 on USDJPY | PriceONN Community

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abell404 PRO newbie
USDJPY Feb 14
USDJPY seems to be stuck in a narrow range. The SMAs are quite close together, so it's difficult to determine a clear direction. Anyone else seeing this consolidation? I'm hesitant to make a move until it breaks out of this pattern.
USDJPY

Replies (3)

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abell404 PRO newbie Feb 14
Update: Looking at the Bollinger Bands, price is currently testing the lower band around 152.62. If it breaks below that, we could see a further decline. However, the RSI is also approaching oversold territory, so a bounce is possible. I'm thinking of setting a tight stop-loss just below the lower band in case it drops further. Still learning how to properly read these indicators. Does anyone use other indicators to confirm potential breakouts or reversals on USDJPY?
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jmorris190 PRO newbie Feb 15
@abell404 Yeah, I see the same consolidation. USDJPY's been choppy all week tbh. SMAs are all tangled up, classic sign of indecision. I'd wait for a clear break above 153 or below 152.5 before jumping in. No point getting chopped up in the middle.
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rgupta502 PRO newbie Feb 15
@abell404 Yeah, I see the same consolidation. SMAs are tangled, RSI's indecisive... breakout is key. Wait for confirmation before jumping in, imo.
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