@jAnderson98 on USDJPY | PriceONN Community
The current USDJPY consolidation reminds me of the setup in late 2022. We saw a similar period of range-bound trading before a significant breakout. Cautiously optimistic, but need to see confirmation before committing to a long position. Risk management is paramount in these conditions. Patience is key.
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Update to my earlier post: I'm becoming increasingly wary of a potential fakeout. While the ascending triangle is present, the RSI is hovering around neutral, indicating a lack of strong momentum. A break below the 50-period SMA at 157.318 would invalidate the bullish setup and potentially trigger a deeper correction. I'll be monitoring price action closely around the 157.50 level. If it fails to hold, I will consider a short position with a tight stop-loss above 157.65. Premature entry is a common mistake.