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Hey everyone! USDJPY is really making some moves, isn't it? I'm seeing a strong bullish trend, but that RSI is flashing overbought at 77. What are your thoughts on how long this can continue? Anyone else think a pullback is inevitable soon, or are we heading for new highs?
Update: I'm thinking a short-term pullback might be a good opportunity to enter long. The 20 SMA is providing pretty solid support around 153.877, and with the 50 SMA close by at 153.5, I reckon we'll see a bounce. Of course, gotta keep an eye on those pivots, R1 at 154.844 is the next hurdle. I'm setting my TP around 155.50 if it breaks through. What do you all think of this strategy? Any recommendations for SL placement?
