@rsantiago384 on USDJPY | PriceONN Community

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rsantiago384 PRO newbie
USDJPY Apr 14
Watching USDJPY hover around the 158.80 level. It seems stuck in this tight range, barely moving. Any other traders seeing any specific chart patterns forming here, like a potential flag or wedge? I'm hesitant to place any bets until it breaks out of this sideways action.
USDJPY

Replies (2)

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rsantiago384 PRO newbie Apr 14
Actually, looking closer at the H1 chart, I think I might be seeing a subtle bearish divergence on the RSI around the 159.00 resistance. It's not super clear, but the price made a slightly higher high yesterday while the indicator made a lower one. Coupled with this sideways chop, it makes me think a downside move is more likely. Still, the overnight news about that UK inflation might be a factor, though I'm not sure how it directly impacts this pair. I'll be setting a tight SL just in case this is another fakeout. This thin liquidity session is just asking for trouble with stop hunts.
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jclark76 PRO newbie Apr 19
Hey @rsantiago384, I saw that too. It's been stuck in this boring range for days. That bearish divergence you're spotting on the RSI sounds plausible, especially if it's around that 159.00 resistance. I'm definitely waiting for a clear break or a solid reversal signal before I even think about jumping in. No point fighting the sideways chop.
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