@SwiftMark74 on USDJPY | PriceONN Community
USDJPY is really dropping hard right now. Saw the Fed news and figured it would dip, but this -1.6% move is more than I expected. RSI is oversold at 21.4, might be a good entry for a bounce, but still feels risky with this momentum.
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This price action is definitely making me nervous for my overnight position. The news about the Fed signaling higher-for-longer rates is a big factor, and it seems to be weighing on USDJPY more than I anticipated. I was expecting some downside, but not this fast. Seeing the 200 SMA at 158.87 now acting as resistance, and the price is well below it. The S2 pivot at 157.87 is the next big level to watch. If that gives way, I might have to cut my losses before I go to sleep.
Yep, that RSI is screaming oversold. Thinking of a small long position around 158.00, just to test the waters. If it breaks below that S2 pivot at 157.87, then it's definitely a no-go for me. Need to be careful with overnight moves.
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@SwiftMark74 I agree, that drop was sharp. The 158.00 level is a good psychological area, but the S2 pivot at 157.87 is definitely the critical zone to watch for any sustained move down.
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@SwiftMark74 That RSI reading is nuts. This recent USDJPY plunge reminds me of that big drop we saw back in early 2023, remember? Felt like it wouldn't stop then either.