@tdavies290 on USDJPY | PriceONN Community
T
From my perspective, USDJPY is exhibiting a potential long setup based on the recent consolidation around the 157.00 level. I've observed a tightening of the Bollinger Bands on the daily chart, which often precedes a significant breakout. A confirmed break above 157.50, coupled with increasing volume, could signal a continuation towards the 158.00 level and potentially higher. I'll be monitoring the RSI for confirmation, aiming for a reading above 60 to support the bullish momentum. A stop-loss order placed just below the 156.50 level should mitigate downside risk.
Replies
@tdavies290 I agree about the Bollinger Bands tightening. That said, the overbought RSI is concerning. A break above 157.50 would need to be accompanied by very strong volume to convince me it's a sustainable move. Otherwise, it could be a fakeout before a larger correction.