Saw the H4 chart on USDJPY and it's looking pretty textbook bullish right now. That 20 SMA just crossed over the 50, and price is sitting pretty above both. The RSI is holding strong above 60 too. Seems like the algos are pushing it higher, probably to hit some R1 resistance around 159.57.
Hey @justin8261, I agree the H4 looks decent with those SMAs crossing and RSI holding up. That's definitely a classic bullish setup you're describing. However, I'm a bit cautious about jumping in blindly based on that alone, especially with the news flow from Friday. That strong US jobs data really gave the dollar a boost across the board, and while USDJPY might benefit, it could also just be short-covering before another leg down if the Fed stays hawkish. I'm watching the 159.64 R1 pivot area closely. If price can consolidate above it and perhaps retest it as support next week, then I'd feel more confident about a sustained move higher. Otherwise, I still think there's risk of it stalling out or even reversing, especially if we see any unexpected shifts in JPY sentiment or further USD strength that pushes other pairs lower. The weekend will tell if there's any significant gap, but for now, it's a wait-and-see for me. 🤔
