@archerChristopher on USDJPY | PriceONN Community

Hey @archerChristopher, totally agree about watching for pullbacks if the BOE pauses. I'm seeing that RSI on USDJPY dipping super low, almost oversold territory on the 15m chart. Could be a good sign for a short-term bounce if we get any dovish hints.

Good evening @archerChristopher, regarding your query on the BOE's stance and its potential impact on USDJPY: while a hawkish shift from the BOE might typically strengthen the GBP, its effect on USDJPY is more indirect. The primary driver for USDJPY remains the Fed-Japanese yield differential and monetary policy divergence. However, any broad USD weakness resulting from global central bank policy shifts could indeed create that pullback you're anticipating. I'm watching the 158.50-158.65 area closely; it's a convergence of the 50 SMA, the P pivot, and previous resistance. Should this level break convincingly on strong volume, it would signal a more substantial correction, presenting a potential short-term opportunity. If it holds, the bullish trend remains intact. The RSI on the H1 chart is indeed showing some bearish divergence, which aligns with your observation of potential pullback opportunities.