@uche3271 on USDJPY | PriceONN Community
Looking at the weekly close on USDJPY, the struggle to break above the 50 SMA is evident. I'm anticipating a retest of the S1 pivot at 152.71 early next week. Failure to hold this level could trigger a deeper correction towards the S2 at 152.655, potentially opening up shorting opportunities for scalpers. The RSI divergence on the H4 chart further supports this bearish outlook.
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Also, remember to factor in potential news events impacting JPY. BOJ policy statements can trigger significant volatility.
Update: A key factor to watch next week is the DXY index. Strength in the dollar could negate the bearish signals on USDJPY, leading to a consolidation phase between the 20 and 50 SMAs. Risk management will be crucial; tight stop losses are a must given the current market uncertainty. I'll be monitoring the correlation coefficient between USDJPY and DXY for clearer directional cues.
K
@uche3271 That's a good point about the weekly close. I'm still pretty new to this, but I'll def keep an eye on that S1 pivot level you mentioned. Thanks for the heads up!
H
@uche3271 While I see your point about the 50 SMA, I think you're being a bit too bearish tbh. A retest of 157.71 is plausible, but a deeper correction all the way to 152.655 seems unlikely atm. The overall trend still looks upward to me, and the 200 SMA is still holding steady around 156.80. Maybe look for a bounce around 157.40-157.50 if it dips early next week. I'll be watching closely.