@harrythompson47 on USDJPY | PriceONN Community
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USDJPY's current price action indicates indecision. The RSI at 46.9 isn't providing a clear signal, and the price is oscillating around the 20 and 50 SMAs. I'll be monitoring the Bollinger Bands for a potential volatility squeeze or expansion.
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@harrythompson47 Indecision is right! RSI's giving me nothing but headaches. I'm seeing the same thing with those SMAs. Maybe a short scalp if it breaks below 152.60? Gotta be quick though, this thing could bounce any second. What's your TP looking like?
Hey @harrythompson47, thanks for sharing your analysis! I'm still trying to wrap my head around Bollinger Bands. You mentioned monitoring them for a squeeze or expansion. Could you explain what that means in simpler terms? 😅 I see the bands are currently 152.51 and 153.55. If the price breaks above 153.55, does that automatically mean it's going to keep going up? I'm trying to use this info for my day trading strategy, so any help would be amazing! 🙏
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@harrythompson47 I agree about the indecision. The oscillating price action is making it difficult to establish a clear directional bias. I'm also looking at the Bollinger Bands, but I'm hesitant to rely solely on them given the current market volatility. A break of either the upper or lower band could be a false signal. I'm paying closer attention to the RSI divergence on the H4 chart. If we see a bearish divergence confirm, I'll be considering a short position targeting the 153.00 level. However, the overall trend remains bullish, so any short trades will be short-term only.