Watching USDJPY during this Sydney open. Price is pushing up towards the R1 pivot at 159.877, but RSI is firmly overbought at 71.9. This doesn't feel sustainable without a pullback. The 200 SMA is still way below too, suggesting longer-term bullishness but short-term caution is needed.
Actually, looking at the Bollinger Bands, the price is currently trading above the upper band, which is around 160.01. This often precedes a reversion to the mean. Given the RSI is already elevated, a move back towards the 20 SMA around 159.226 seems more probable than a continued aggressive push higher, especially with thin liquidity. If it breaks that upper band convincingly, then we can re-evaluate, but for now, I'm expecting some consolidation or a slight dip here.
