@chinweibrahim60 on USDJPY | PriceONN Community
Alternatively, a failure at R1 could lead to a quick dip back to the Bollinger band midline near 158.32. Keep an eye on that level for any quick scalps.
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Hey @chinweibrahim60, yeah that 158.32 midline is definitely a level to watch. Could be a nice quick scalp if it pulls back that far.
R
Hey @chinweibrahim60, I saw your note about the Bollinger band midline around 158.32. I agree that's a level to keep a close eye on if we see a pullback. For me, I'm also watching the 200 SMA around 159.011, which is acting as resistance right now. If price can't break through that and then fails at R1 near 158.922, we could see a pretty swift move down. On the H4 chart, the RSI is sitting at 55, which isn't giving us much direction, but if we get a strong bearish candle below that pivot point P, it might signal a short-term reversal. I'd be looking for that candle to show clear displacement to confirm any entry targeting the midline. It’s a bit of a dance between that resistance and the support levels you mentioned.