@WilliamClarke on USDJPY | PriceONN Community
W
This week's trading on USDJPY was quite choppy, to be honest. The pair struggled to maintain a clear direction, oscillating around the 153 level. My initial long positions were met with resistance, and I had to adjust my strategy mid-week. The RSI staying below 50 on the daily chart suggests continued bearish pressure. However, the pair is still trading above the 200-day SMA, indicating a potential long-term bullish trend. I'll be reviewing my analysis this weekend to prepare for next week's moves. Hopefully, we'll see some clearer signals next week. Keeping a close watch on those pivot points too.
Replies
@WilliamClarke I agree, the chop was significant. Oscillating around 153 is a key area. Did you consider the impact of the BOJ's recent statements on your positions? Might be worth factoring that in for future trades, considering the potential for Yen weakness.
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@WilliamClarke I agree, the choppiness makes it difficult to trade confidently. I am also finding it hard to establish a clear direction and adjust strategy accordingly. Perhaps waiting on the sidelines is best.