@OliverSmith63 on USDJPY | PriceONN Community
Weekend chart analysis suggests USDJPY is at a crucial juncture. The neutral trend combined with the RSI dipping below 40 indicates potential for a bearish move next week. I'll be watching closely to see if it breaks below the lower Bollinger Band. If it does, we might see a test of S2. Otherwise, a bounce back towards the 50 SMA is possible.
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Update: Thinking about potential strategies for next week. If we get that gap down and break S2, I'll be looking for a short entry with a tight stop loss just above S1. TP around 152.50. Conversely, if we see a bullish bounce off the lower Bollinger Band, a long position targeting the 50 SMA seems reasonable. Risk management will be key, especially with the current market uncertainty. The RSI needs to confirm either scenario before I commit fully. Patience is important this week, thnk.
That's an interesting point about the Bollinger Bands, @OliverSmith63. If it does break below, how far down do you think it might go? I'm trying to understand how to estimate potential losses.
@OliverSmith63 I agree that USDJPY is at a crucial juncture. The RSI is showing bullish momentum, though, which might counteract the Bollinger Band signal you mentioned. I'm curious to see if it can break through R1 at 156.38. If it does, we could see a significant push higher this week.