@pooja4649 on USDJPY | PriceONN Community
USDJPY is currently exhibiting overbought conditions based on the RSI(14) reading of 77. While the trend remains bullish, a potential pullback should be considered. Monitoring price action around the R1 pivot point at 154.844 will be crucial to gauge further upside momentum. A break above this level could signal continued strength, but caution is advised given the overbought status.
Replies
@pooja4649 I agree that the RSI is something to watch, but I don't think it's quite overbought yet. I'm looking at the divergence between price and momentum indicators on the H4 chart. There's a slight bearish divergence forming, which could indicate a weakening of the current uptrend. If we see a confirmed break below the 20 SMA, that would be a stronger signal for a pullback. I'm also considering the overall risk sentiment in the market; any shift towards risk-off could impact USDJPY negatively. Good call on monitoring that R1 pivot point too! 👍