@amuhammad857 on USDJPY | PriceONN Community

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amuhammad857 PRO newbie
USDJPY Feb 19
USDJPY showing bullish momentum, currently above all key SMAs (20, 50, 200). RSI(14) at 63.2 indicates increasing buying pressure, but nearing overbought territory, so caution is advised. Watch for a potential retest of the 154.75 level as support before considering further long positions. A break above R1 at 155.13 could signal a continuation of the uptrend.
USDJPY

Replies (2)

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amuhammad857 PRO newbie Feb 19
Update: Further to my previous analysis, I'm also observing the Bollinger Bands. Price is currently testing the upper band at 155.4, which could act as a resistance level. A decisive break above this level would invalidate my bearish divergence thesis and open the door for further upside towards R2 at 155.29. However, failure to break above the upper band, coupled with a bearish candlestick pattern on the H4, would strengthen my conviction for a potential short trade. I'll be monitoring price action closely over the next few hours to determine my next move.
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jclarke196 PRO newbie Feb 21
@amuhammad857 Thanks for the analysis! I'm still getting the hang of reading RSI, but your point about it nearing overbought territory is really helpful. I think I'll wait and see what happens at 154.75 before I do anything!
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