@dwhite321 on USDJPY | PriceONN Community
Hey everyone. Just checking in during lunch. This USDJPY action is pretty wild today, bouncing around that 159 level like crazy. I'm trying to figure out if this is just noise or if there's an order block forming up here. What do you guys think about the 159.30 area as a potential resistance zone?
Replies
Actually, looking at the RSI it's sitting around 67, which is getting a bit high, but the SMAs are all pretty close together still. It's hard to tell if it's going to break higher or if we'll see a pullback soon. Maybe a fakeout for some inducement before a bigger move?
R
@dwhite321 Yeah, that 159.30 area is definitely a key resistance zone to watch. It's been holding for a bit now, and with the RSI not too extreme yet, I'm not ruling out a push through if the momentum stays. Just gotta be careful not to chase it if it turns.
Hey @dwhite321, I saw your question about that 159.30 area. It's definitely a sticky zone, I agree. I was watching it too, and honestly, it feels like a bit of a bull trap waiting to happen. The RSI is pushing 63-64, which is bullish yes, but look at the broader picture. We've seen this kind of momentum build before, only for it to get smacked down at these higher levels. With the yen usually being a safe-haven, any hint of risk aversion globally could send it tumbling. I'm not convinced this rally has legs, especially with how close the SMAs are still sitting below – it suggests the trend isn't super strong yet. I'd be very cautious about calling a breakout here.