@ArcherBenjamin on USDJPY | PriceONN Community
A
Alright, let's talk USDJPY. I've been watching this pair closely today, and it feels like we're in a bit of a holding pattern, despite the bearish sentiment and that RSI dipping to 38.9. The news about the Fed potentially holding rates steady amidst energy shocks and the dollar gaining strength from rising oil prices is creating a lot of crosscurrents. I'm seeing the 50-day SMA at 159.346 acting as resistance, and we've dipped below the 20-day SMA. My gut feeling, considering the geopolitical tensions and the dollar's general safe-haven appeal lately, is that this current dip might be a temporary pause. If we can hold above the 158.50 level, I'm looking for a potential bounce back towards the 159.20-159.30 zone. I might even consider a small long position if I see buyers stepping in strongly around that 158.50 mark, targeting the R1 pivot. It’s a contrarian view, I know, but with the Fed's decision looming, volatility could spike, and the dollar could easily reassert itself.