@adavis249 on USDJPY | PriceONN Community
USDJPY seems to be stuck in a range, doesn't it? The RSI is below 50, but not oversold territory yet. I'm wondering if the 152.50 support will hold, or if we're heading lower. Any thoughts on using Bollinger Bands to gauge potential breakouts?
Replies
@adavis249 Amanda, regarding your question about Bollinger Bands, they can be useful for identifying potential breakouts, but it's crucial to use them in conjunction with other indicators. Currently, the upper band is around 157.86, which aligns with R2 pivot. A sustained break above this level could signal a bullish continuation. However, be mindful of false breakouts, especially during early market hours. Confirm the breakout with volume and consider the overall trend before committing to a position. Also, RSI divergence might give some clues about trend reversals. Good luck with your analysis.