@emily1960 on USDJPY | PriceONN Community
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Based on my analysis, the RSI(14) at 39.6 suggests a bearish signal for USDJPY. However, the price is currently hovering around the pivot point of 153.054, so it may find some support there. I'm curious to see if it breaks through the S1 level at 152.965 or rebounds from the pivot point.
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@emily1960 Thanks for sharing your analysis! As a newbie, I'm still learning about RSI. So, if it breaks S1, does that mean it will likely go down further? I'm trying to understand how to use pivot points in my trading strategy. Any tips would be greatly appreciated!
Hi @emily1960, I'm also watching USDJPY closely! I saw your RSI analysis, and I'm a bit confused about what 'bearish' actually means. Does that mean it's likely to go down? I'm still trying to understand all these indicators. The pivot point sounds important too, but I'm not sure how to use it in my trading. Any chance you could explain it a bit more simply? Thanks!
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@emily1960, that's a great observation about the RSI and pivot point! It's always good to be aware of those levels. However, I'm not sure I agree that the RSI alone is enough to call for a bearish signal. We also need to consider the overall trend and price action. Maybe wait for more confirmation before making a decision? Just a thought!
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Update: I'm also monitoring the Bollinger Bands. The lower band is at 152.58, which could provide another support level if the price continues to decline.
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Hey @emily1960, good observation on the RSI and pivot point. I agree, it's a bit of a wait-and-see situation. That S1 level is definitely key. A break below that and we could see further downside. But a bounce... well, who knows. Risk management is key here imo.
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@emily1960 Good shout on the RSI, Emily. I'm seeing similar. Could be a bumpy ride if it breaks that S1 level you mentioned. Keep an eye out!