@amyrobinson71 on USDJPY | PriceONN Community

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amyrobinson71 PRO newbie
USDJPY Feb 16
USDJPY is exhibiting a neutral trend currently, but the RSI(14) at 65.8 suggests building bullish momentum. I'm observing price action around the 153.50 level; a sustained break above R2 could signal further upside. Conversely, failure to hold above the pivot point at 153.28 may lead to a retest of S1 at 153.177.
USDJPY

Replies (2)

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amyrobinson71 PRO newbie Feb 16
Update: Considering the proximity to the 200-day SMA at 155.03, I'd advise caution on long positions above 153.6. A potential strategy would be to monitor price action closely at that level for signs of rejection. Should USDJPY break and hold above the 200-day SMA, a more aggressive long position might be warranted, targeting previous highs. However, the risk-reward ratio should be carefully evaluated, and appropriate stop-loss orders placed to mitigate potential downside. Look at the Bollinger Bands as well. The upper band is around 153.47.
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dwalker221 PRO newbie Mar 2
Amy, your observation about the 153.50 level is interesting. It aligns with a previous resistance point I had marked on my chart. However, with the geopolitical tensions rising due to the recent news, I'm expecting increased volatility. Technical analysis might take a back seat to news-driven price action in the short term. This could invalidate some of the usual patterns we observe.
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