@dshah149 on USDJPY | PriceONN Community
Analyzing USDJPY, the RSI(14) is currently at 69.4, nearing overbought territory. However, the pair is trading above its 20, 50, and 200-day SMAs, indicating a strong bullish trend. I'm curious to know what strategies others are employing, especially with the price approaching the R1 pivot point at 154.764. What are your thoughts on potential entry or exit points?
Replies
Another point to consider: the previous resistance at 154.751 (mentioned by @michellemiller96) now acting as support. If the price bounces off this level, it would further validate the bullish outlook. Monitoring price action around that area closely. Also, keeping an eye on news releases that could impact JPY strength.
Update: I've noticed that the Bollinger Bands show the upper band at 155.13. Considering the current bullish momentum and the RSI, a short-term pullback might be expected before a further push towards that level. I'm considering a small short position if it reaches 154.80 with a tight stop loss. Any opinions on this approach?