Watching USDJPY closely. The 200 SMA at 158.87 has held support for now, but the RSI is deep in oversold territory around 30. This divergence between price holding and indicator weakness is notable. I'm not chasing shorts yet.
Following up on my previous thought: while the 200 SMA is a key level, the fact that the 50 and 20 SMAs are still above current price action at 159.51 and 159.21 respectively suggests underlying bullish momentum might still be present, despite the current dip. The market could be trying to induce shorts before a move higher. I'm inclined to wait for price to clear at least the 20 SMA before considering any long positions, or a decisive break below the 200 SMA to confirm the bearish sentiment. Until then, it's a tight range to navigate, especially with intervention chatter.
