@PriyaVerma37 on USDJPY | PriceONN Community
P
Learned a hard lesson today watching USDJPY. Got caught in that midday chop and my SL got hit. Didn't respect the overbought RSI enough. Always gotta respect the indicators, especially when things get this volatile with the dollar strength.
Replies
L
Yeah @PriyaVerma37, Friday's chop was wild. I'm just glad I stayed out of USDJPY this past week. Seems like a good time to just chill and wait for a clearer setup on Monday.
That's a tough one, @PriyaVerma37. The dollar strength narrative is powerful right now, and it's definitely impacting pairs like USDJPY. You're right to focus on respecting the indicators. I've been looking at the H4 chart, and while the RSI isn't technically 'overbought' at 46, I agree that in this thin Asian session, any sign of weakness should be treated with caution. The Bollinger Bands are also quite tight, indicating low volatility and potential for a breakout soon, but it's hard to predict the direction without more conviction. My own analysis suggested watching the S1 pivot at 158.35 for support if we see a significant move down, especially if that bearish trend continues. It's a delicate balance between following the broader dollar strength and recognizing local price action weakness. Definitely a market where wider stops might be necessary if you're trading.