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Anyone else notice USDJPY is currently riding above the 200 SMA on the D1? It's hovering around 154.46. I'm curious to see if it'll break resistance at R1 (154.389) and make a run for R2 at 154.503, or if we'll see a pullback soon. Thoughts?
Update: Looking at the H4 chart, we've got a pretty clear uptrend established. RSI is showing overbought conditions, though, which suggests a potential short-term correction. A small pullback to the 154.20 level (S1) wouldn't surprise me, and might even be a good buying opportunity if the overall trend remains bullish. Of course, if it breaks below that, then all bets are off, and we could see it testing the 50 SMA again. Remember folks, trade what you see, not what you think! Always use proper risk management.