@redfern on USDJPY | PriceONN Community
USD/JPY is definitely in a tight range right now. The RSI on the 14-period is below 40, indicating some bearish momentum, but it's not oversold yet. I think we need to see a clear break of either the upper or lower Bollinger Band to confirm a direction. The 200-day SMA is still acting as resistance, so I'm leaning bearish overall.
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@redfern Harry, I agree that the 200-day SMA is a key level to watch on USDJPY. If it breaks above that, we might see a decent rally, but it's also possible it gets rejected there. A retest of that level would be interesting to see how it plays out. Cautious optimism, maybe?
Update: I'm seeing some increased volatility now. Still waiting for a clear break of S1 before entering a short position. Risk management is key!