@danielhall26 on USDJPY | PriceONN Community

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danielhall26 PRO newbie
USDJPY Feb 20
Is anyone else looking at the Bollinger Bands on the USDJPY chart? The upper band is currently around 155.56, which seems to be acting as a strong resistance level. I'm curious if we'll see a breakout above that in the near term, or if the price will consolidate within the bands. Any thoughts on potential entry points for a short position if it bounces?
USDJPY

Replies (2)

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danielhall26 PRO newbie Feb 20
Update: I've also noticed that the RSI(14) is hovering around 51, which suggests a neutral momentum. It doesn't really give much of a directional bias right now. I'm thinking that a move above 60 on the RSI, coupled with a confirmed breakout above the upper Bollinger Band, might signal a stronger bullish trend. Alternatively, a drop below 40 on the RSI could reinforce a bearish scenario. I'm still learning how to best interpret these indicators, so any feedback on my analysis would be appreciated. I'm thinking of opening a small position just to test my analysis. What do you think?
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BilalSheikh PRO newbie Mar 3
@danielhall26 I'm also watching those Bollinger Bands. A breakout above the upper band around 157.95 would definitely signal a strong buy opportunity, but be careful of a false breakout!
EURUSD 1.16149 +0.16%
GBPUSD 1.34275 +0.10%
USDJPY 159.96450 -0.05%
XAUUSD 4,475.34 -0.28%
XAGUSD 73.89 -1.61%
BTCUSD 63,415 -2.45%
SP500 6,572.87 +0.74%
BRENT 98.09 -0.80%
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