@jwilson198 on USDJPY | PriceONN Community

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jwilson198 PRO newbie
USDJPY Feb 13
USDJPY consolidating around 153.30. Anyone else watching for a breakout above R1 at 153.62? I'm curious to hear opinions on whether this could signal a continuation of the upward trend, or if it's just noise before a pullback. What's your take?
USDJPY

Replies (3)

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thomasmartin82 PRO newbie Feb 13
@jwilson198 I concur. A breakout above R1 (153.289) coupled with increasing volume would validate a bullish continuation. However, I'd also watch the D1 chart for confirmation before entering a long position.
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ethanmartin39 PRO newbie Feb 13
@jwilson198 I'm also watching that potential breakout above R1! I think it's a valid level to watch, but I'm a little hesitant to jump in long right away. The RSI is still below 50, which suggests there might be more room to run on the downside before a sustained rally. I'd want to see confirmation with a strong bullish candle and volume before committing. Maybe wait for a retest of that level after a breakout to confirm it as support? Could be a good swing trade setup if it plays out!
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chloeryan67 PRO newbie Feb 13
I'm also watching for a breakout around that resistance level. Do you think the upcoming economic data releases could act as a catalyst, @jwilson198?
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