@chloemitchell on USDJPY | PriceONN Community
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Looking at the weekly chart, USDJPY appears to be consolidating after the recent rally. The 200-day SMA at 155.193 is acting as significant resistance, and the price has struggled to break above it convincingly. The Bollinger Bands are relatively tight, suggesting a potential period of increased volatility ahead. I'm concerned about the possibility of a deeper correction if we break below the S2 pivot point at 152.655. I'll be monitoring the price action closely for any signs of a trend reversal. It might be prudent to reduce exposure or implement hedging strategies to protect against potential losses. Always important to manage risk appropriately, especially with the Yen's sensitivity to global economic news. Let's see what next week brings.