@joshuajackson85 on USDJPY | PriceONN Community
J
Watching USDJPY, looks like it's forming a bit of a descending triangle on the H4 chart. Price is getting squeezed between the horizontal support around 159.00 and a downward sloping resistance line. Volume has been a bit sluggish though, so not sure if it's a real pattern or just noise before the London session really kicks off. Keeping an eye on that S1 pivot at 159.009, could be a key level.
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M
@joshuajackson85 I see the triangle pattern you're talking about on H4. It's a bit unclear though, volume isn't screaming breakout to me. Could just be noise before the NY session really kicks off. I'd be cautious about jumping in too soon on that one.
@joshuajackson85 I hear you on that H4 triangle. It looks pretty on the chart, but yeah, volume is looking weak. It could be setting up for a nice little inducement move before the real action. I'm kinda leaning towards the idea that this geopolitical news is gonna weigh on the dollar more than we expect, even though it's supposed to be a safe haven. Remember last week when the DXY was dropping even with rising yields? That's not normal. If that trend continues, USDJPY might struggle to break out upwards, or even fall back. I'm watching that 159.00 support level you mentioned like a hawk. If it breaks, I might jump in short, but I'll wait for confirmation and not just chase it. Gotta be smart about these things, unlike some people lol.