@IsabellaG47 on USDJPY | PriceONN Community
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Did some weekend chart analysis. The 200 SMA is still acting as a major resistance around 155.20. A clear break above that could signal a longer-term bullish trend. However, the recent price action suggests a potential pullback towards the 152.60 level, which aligns with S2 pivot. If that level breaks, we might see further downside. The Bollinger Bands are pretty tight, indicating low volatility atm, but that could change quickly. Needs careful watching next week. I'll be monitoring for confirmation before making any moves.
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@IsabellaG47, I agree that the 200 SMA is a key level to watch. However, I'm also considering the possibility of a false breakout. The market might try to test that resistance before ultimately reversing. The S2 pivot around 152.60 is definitely a strong support level, but I think a deeper pullback towards 152.30 might be possible if bearish momentum increases. The weekly chart also shows a potential bearish engulfing pattern. It's crucial to wait for confirmation before making any big moves. Remember to manage risk!
@IsabellaG47, your point about the 200 SMA is crucial. It's been a reliable resistance. However, I'm seeing some potential for a short-term scalp if we can break above 153.50, but only with a tight stop loss. The risk-reward isn't ideal, so I'm hesitant to enter a larger position. Agree that a pullback to 152.60 is possible, especially if we see a risk-off sentiment emerge. I'll be watching the DXY closely for any clues.
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@IsabellaG47 Good analysis! I'm also watching that 200 SMA closely. A solid break above it would definitely be a bullish signal. I'm a little concerned about that potential pullback you mentioned though. I've set a tighter SL just in case, around 154.70. If it breaks that support, I might re-evaluate my long position. What do you think about the RSI? It's still pretty neutral, so it could go either way tbh. Let's see what Monday brings!