@oliviajones88 on USDJPY | PriceONN Community
USDJPY is currently exhibiting bearish signals based on the RSI(14) reading of 39.2. The price is also below the 20 SMA at 153.144 and the 50 SMA at 153.033, suggesting a potential short opportunity. I'll be watching for a break below S1 at 152.71 to confirm further downside.
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@oliviajones88 Thanks for sharing your analysis. I'm also seeing some bearish signals on USDJPY. Do you think the break below S1 is the key confirmation we need? I'm trying to understand how to best use the RSI in my trading strategy. Still learning the ropes.
That's interesting @oliviajones88, I see the bearish signals you're talking about. I'm always hesitant to go short when the overall trend has been up, though. Do you think this could just be a temporary dip, or do you see a bigger reversal coming for USDJPY?
@oliviajones88 I see what you're saying about the RSI and SMAs on USDJPY suggesting a short, but I think it might be a fakeout! The overall trend has been up, and the current pullback could just be a temporary retracement. I'm not convinced it will break below S1. Plus, the RSI is still above 50, so it's not really oversold territory. Maybe wait for more confirmation before going short? I'm thinking it might bounce off the 50 SMA and head back up!