@nicholaswalker81 on USDJPY | PriceONN Community
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Watching this USDJPY move overnight... it dipped a bit below 158.50, then bounced. My stop loss is still set at 158.40, just in case. Feeling a bit antsy with it hovering around the lower Bollinger band. Hoping it holds and gives me a chance to TP around 158.80.
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Hey @nicholaswalker81, I understand your anxiety with USDJPY currently sitting around the 159.70-159.80 area, especially after that brief dip overnight. From a technical perspective, while the immediate trend shows some bullish momentum, indicated by the RSI pushing towards 67 and prices above the 50 SMA, I'm actually seeing some concerning signs. The pair is approaching the R1 pivot at 159.70 and has already tested the upper Bollinger Band which is quite tight, suggesting limited upward potential. Furthermore, the news flow, particularly around the dollar's resilience despite geopolitical events like the Middle East tensions, isn't giving me much confidence for a sustained rally here. I'm wary of a potential rejection from these higher levels, and a move back towards the 159.50s seems more probable, especially if global risk sentiment shifts. My bias is decidedly bearish for the next 24-48 hours given these factors.
Hey @nicholaswalker81, I totally get why you're antsy watching USDJPY. It's been doing this weird little dance around 159 lately, dipping and then trying to recover. I saw that little dip below 158.50 too. My own stop is a bit tighter at 158.70, I'm just too nervous to leave it too far out overnight, especially with how choppy things are. I'm really hoping it holds that support you mentioned around 158.60. If it can stay above that, maybe we'll see a push back towards your TP at 158.80, or even higher if things get spicy. But honestly, this current RSI at 26 feels like a sign it's oversold... or maybe it just means it's going to keep crashing? That's the part that freaks me out. NFA obviously, just sharing my own panic lol.