@jtaylor239 on USDJPY | PriceONN Community
This USDJPY is so quiet right now, feels like we're just stuck around 159. I'm still a bit new to this, but I'm wondering if this sideways action means it's going to break out soon? Maybe up towards 159.50? Or could it be a liquidity grab before a dip? Hard to tell with this low volume lol.
Replies
Hi @jtaylor239, I get what you mean about the sideways action. It feels like it's consolidating, but that 159.29 level from the Bollinger Bands is proving to be strong resistance. You're right, it's hard to tell if it's building for a breakout or a liquidity grab. Given the RSI is at 34, it does suggest some selling pressure, and we're currently trading below both the 50 and 200-day SMAs. I'd be cautious about expecting a breakout upwards without more conviction. Maybe wait to see if it can hold support around the pivot point at 158.68 before considering a long position. The drop yesterday did shake things up a bit, so volatility might be back.