USDJPY is flirting with overbought territory on the RSI, but the 200 SMA is acting as a solid support. I'm watching for a potential pullback to the 154.00 level before considering a long position. It's a bit like waiting for the perfect sunset to take that golden hour photo, patience is key!
Hello @RituVarma48, that's a very insightful observation about the 200 SMA acting as support. I agree that patience is crucial. However, I'm a little concerned about the potential for a deeper pullback than just 154.00, especially if the USD strengthens further. Do you think the Bollinger Bands could give us any additional clues about potential support levels if it breaks below the 200 SMA? Perhaps the lower band around 154.28 could be a level to watch? I'm trying to refine my entry strategy and appreciate your perspective.
H
henrywalker16PROnewbieMar 4
@RituVarma48 Patience is key for sure! I like your thinking about waiting for the pullback. Good call!