@EdwardPhillips on USDJPY | PriceONN Community

Actually, revisiting the M30 chart after my initial observation, I'm noticing that the volume has started to pick up significantly around that 159.30 level. This confirms my suspicion of a potential double bottom. If we can break and hold above the 159.50 resistance, I think we'll see a move towards 159.70 or even higher. The inflation data is key here; if the market believes it will force the Fed to delay rate cuts, that's a strong tailwind for USDJPY. I'm considering a small long position with a tight stop just below the pattern's low, aiming for a quick scalp before the NY close. It's a bit aggressive given the mixed signals, but the pattern looks solid.

Hey Edward, good call on watching that 159.30 level. I'm feeling pretty bullish on USDJPY right now, especially with that volume spike you mentioned. I've sized my long position conservatively, just 1% of my account, because this could still be a fakeout or a dead cat bounce before a bigger move. Gotta be careful with smart money plays.