@michael8972 on USDJPY | PriceONN Community
M
Watching the 200 SMA on the H4 chart. It's acting as solid resistance around 159.20. If we can't break that, this pair is going lower, no doubt.
Replies
@michael8972 I hear you on the 200 SMA on H4. It's definitely a key level to watch, sitting around 159.20. Friday's close was right below it, which is bearish. Given the general dollar weakness we saw late in the week, and the uncertainty from the news about the Strait of Hormuz, I agree it's unlikely we'll blast through that resistance immediately. I'll be looking for a retest of the 50 SMA around 158.93 first, and if that fails, then we might see a move down towards the daily pivot at 158.33. If we do break that 200 SMA though, and hold above it with some conviction, then my outlook would definitely shift. For now, respecting that resistance makes sense.