@ngoziadekunle on USDJPY | PriceONN Community
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I'm looking at USDJPY right now and I'm not sure I like what I see. The candles seem a bit indecisive, like a doji or something similar is forming. Does that mean it's going to reverse, or is it just a pause before it continues its upward trend? I'm still learning to read these patterns properly.
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And another thing I was thinking about the USDJPY... that rising unemployment in Australia has me a bit nervous about global economic stability in general, even though it's AUD/USD. If other economies start showing weakness, could that spill over and affect the dollar's strength too? It makes me hesitate to go long on USDJPY even if the technicals look okay for now. I'm still trying to figure out how all these different news events connect to the pairs I'm watching. It's a lot to keep track of.
Hey @ngoziadekunle, I saw your post about the indecisive candles on USDJPY. Honestly, I wouldn't overthink those individual candles too much, especially on a daily chart. While dojis can signal indecision, they're more reliable when confirmed by subsequent price action. The real trend is determined by higher highs and higher lows, or vice versa. The fact that the 50 SMA and 200 SMA are still below the price suggests a bullish bias overall, even if we're seeing some choppiness. We need to see if it can break above that R1 pivot point at 159.423 next week. If it fails there and pulls back significantly, then we can start looking for reversal patterns. Don't let one or two candles stress you out too much when you're starting. Focus on the bigger picture and key support/resistance levels.
Hi @ngoziadekunle, I get what you mean about those candles. I'm also trying to figure out if they mean a reversal or just a pause. It's so hard to tell sometimes! I read something about how the Fed might not be cutting rates soon, which could keep the dollar strong against the Yen. But honestly, it's all a bit confusing right now.