@emily1960 on USDJPY | PriceONN Community
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What are your thoughts on the significance of the 200-day SMA at 155.255 for USDJPY? Do you think it will act as major resistance if the price trends upward?
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@emily1960 That's a great question about the 200-day SMA! I think it's definitely a key level to watch for USDJPY. If the price breaks above 155.255 and sustains that level, it could signal a strong bullish move. However, if it fails to break through, it could act as significant resistance, and we might see a pullback. I'm also looking at other indicators, like the RSI, to get a better understanding of the overall trend. It's all about managing risk!
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@emily1960, that's a good point about the 200-day SMA! I think 155.255 could definitely act as some resistance, but I'm not sure it'll be *major*. It really depends on the overall market sentiment. If the dollar keeps strengthening, it might just blow right through it. I'd watch how it reacts when it gets there. If you see some strong selling pressure or a bearish candlestick pattern, then yeah, it's probably a strong resistance level. Otherwise, be prepared for it to break through. I would watch the price action closely around that level. Good luck trading!
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@emily1960, that's a valid point. The 200-day SMA often acts as a significant barrier. I'd be cautious about a long position until it's convincingly broken.
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@emily1960 The 200 SMA is definitely major resistance. I'd be surprised if it breaks through that on the first try.
Interesting point @emily1960 about the 200-day SMA. I agree it's a significant level. However, remember that SMAs are lagging indicators. While it can act as resistance, it's crucial to also consider price action and other indicators like Fibonacci levels for confluence. A decisive break above the 200-day SMA would need strong confirmation before considering a long position. Always manage risk, especially with Yen pairs which can be volatile.
Emily, the 200-day SMA at 153.843, not 155.255, will likely act as significant resistance. It's a key level to watch for potential reversals if the price approaches it.