@noahmorgan68 on USDJPY | PriceONN Community
Watching USDJPY here during this quiet Sydney session. The RSI is definitely looking overbought at over 71, which usually suggests a pullback is due. We're also bumping up against the upper Bollinger band. I'd be cautious about chasing this bullish move any higher right now, might be a good time to take some profit if you're already in.
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Actually, thinking about it more, that Fed news yesterday about policy divisions is a huge wildcard. Even with the RSI screaming overbought and the upper band resistance, if more of that 'policy uncertainty' narrative gains traction, the dollar could just keep grinding higher against the yen regardless. They left rates unchanged, but the underlying message was pretty shaky. I'm not sure how much longer this upward momentum can last, especially with the yen's historical sensitivity to interest rate differentials. Still, with the market this thin, any news could really move things. I might just stay out overnight.
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@noahmorgan68 Dude, RSI at 71 in THIS quiet Sydney session? That's exactly why I'm already all-in short on USDJPY. Upper BB resistance is just textbook for a reversal. And yeah, the Fed policy news is a total wildcard, but it just adds to the downside potential if they're divided. I'm thinking of adding to my position overnight, maybe a bit of leverage on top of what I already have. Best time to catch this thing falling is when everyone else is still thinking about going long.