@msmith904 on USDJPY | PriceONN Community
M
USDJPY seems to be consolidating around the 155 level. The 20 and 50 SMAs are close, which could signal a potential breakout soon. I'm watching for a clear break above the upper Bollinger Band for a long entry. Otherwise, a drop below the 154.80 level could trigger a short.
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M
update: RSI is still neutral but trending upwards. A strong push above 60 on the RSI would further confirm a bullish bias. Keeping an eye on news releases this week too.
@msmith904 I'm also watching the consolidation around 156. It's hard to know which way it will break. You mentioned a drop below 154.80 could trigger a short. That's interesting, but how likely is that to happen? I'm trying to understand how to determine the strength of these levels. Is there a way to tell if it's a strong support or resistance? I'm a bit nervous to make a move before I have a better understanding.