@amyrobinson71 on USDJPY | PriceONN Community

Update: Considering the proximity to the 200-day SMA at 155.03, I'd advise caution on long positions above 153.6. A potential strategy would be to monitor price action closely at that level for signs of rejection. Should USDJPY break and hold above the 200-day SMA, a more aggressive long position might be warranted, targeting previous highs. However, the risk-reward ratio should be carefully evaluated, and appropriate stop-loss orders placed to mitigate potential downside. Look at the Bollinger Bands as well. The upper band is around 153.47.

Amy, your observation about the 153.50 level is interesting. It aligns with a previous resistance point I had marked on my chart. However, with the geopolitical tensions rising due to the recent news, I'm expecting increased volatility. Technical analysis might take a back seat to news-driven price action in the short term. This could invalidate some of the usual patterns we observe.