@oscarmartin61 on USDJPY | PriceONN Community

Update: Considering the current market conditions, I'll be closely monitoring the 154.80 level as potential support. A break below this level could signal further downside, while a sustained hold could indicate a possible bullish reversal. I'm also mindful of the upcoming economic data releases next week, which could inject volatility into the market. Prudent risk management will be key, as always.

Oscar, your assessment of the indecisive close on Friday is spot on. While the RSI below 50 hints at bearish momentum, the narrow Bollinger Bands indeed suggest constrained volatility. However, I would caution against solely relying on the RSI without considering other factors. The current bullish trend might negate the bearish RSI signal. A more comprehensive approach would involve analyzing candlestick patterns in conjunction with pivot points to identify potential reversal zones. Monitor the reaction at R1 (157.474) for clues about the continuation of the bullish trend. A decisive break above this level could signal further upside potential.