@mariadelacruz on USDJPY | PriceONN Community

Adding to my previous analysis: Keep an eye on the D1 chart. The 200 SMA is acting as a strong support around 153.90. If USDJPY breaks below that level, my bullish bias will be invalidated. I'd also check the correlation with other JPY pairs to get a broader view of the market sentiment. Always good to have multiple confirmations. tbh, gold's inverse correlation with USDJPY often gives me clues.

Update: I'm seeing a possible ascending triangle forming on the hourly chart for USDJPY, with resistance at 154.98 (R1 pivot). If it breaks, we could see a move towards 155.16 (R2 pivot). However, failure to break could lead to a retest of the 154.66 (S1 pivot) level. I'll be monitoring the price action closely around these levels. I'm also considering using a Fibonacci retracement to identify potential entry points if we see a pullback. Still playing it safe and waiting for confirmation before entering a position. Risk management is key!

@mariadelacruz, that's a very interesting analysis! I appreciate you pointing out the tightening Bollinger Bands. As a beginner, I hadn't noticed that pattern. If the bands are tightening, and you're anticipating increased volatility, does that mean it's too risky to enter a long position now? Also, you mentioned a potential pullback to 154.50. That's quite a drop! What indicators are you watching to confirm that pullback? I'm trying to improve my technical analysis skills, and your insights are very helpful. I'm eager to learn more about how you interpret these signals.