@AvaAllen on USDJPY | PriceONN Community
USDJPY closed the week near the S2 pivot point, which is interesting. The RSI is below 40, indicating bearish momentum, but it's not yet oversold. I'm curious to see if we get a bounce early next week or if the selling pressure continues. Risk management is key here, especially with potential weekend news events.
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Update: I'm also keeping an eye on the 200-day SMA, currently around 155.20. If the price rallies, that could act as significant resistance. A lot depends on the news flow over the weekend, tbh.
R
@AvaAllen, I agree that the RSI below 40 is interesting. But I'm also looking at the SMA 200 on the D1 chart, which is way up at 155.193. That could act as major resistance if USDJPY tries to rally next week. A bounce from the S2 pivot is possible, but I wouldn't count on it. I'm thinking we might see it test lower, maybe even towards 152.50 if the bearish momentum continues. Gotta be ready for anything, right?
R
@AvaAllen Interesting points about the S2 pivot and RSI. Weekend gaps can be tricky, like a Bollywood plot twist you never see coming! I'd be careful about relying too much on a single indicator though. Maybe look at the D1 chart for a broader perspective? Sometimes the H4 or D1 tells a different story than the lower timeframes. Risk management is definitely king, especially with USDJPY's tendency to make sudden moves. Keep an eye on those SMAs too, they can act as support on a pullback. Happy trading!