@uche3271 on USDJPY | PriceONN Community
USDJPY is exhibiting strong bullish momentum. I anticipate a continued move towards the 158.20 level, potentially extending to 158.50. My analysis incorporates a confluence of factors: the RSI remains above 60, signaling sustained buying pressure, and the price is holding above the 20 SMA on the hourly chart. I'll be monitoring volume for confirmation.
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Update: I've adjusted my initial target slightly. Given the current volatility and the proximity to R1 at 157.918, I'm now targeting 158.10 as the initial TP. A break above that level would confirm the continuation towards 158.50. I've also tightened my SL to 157.55 to protect against any short-term retracements. Further analysis of order book depth suggests strong buying interest around the 157.60-157.70 zone. I'll continue to monitor for any signs of exhaustion.