@arjun1996 on USDJPY | PriceONN Community
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It's quite late here, and watching USDJPY in this quiet Sydney session is proving to be a bit of a test of patience. The price is hovering around 159.80, which is near the R1 pivot, but the movement is so sluggish. I'm trying to reconcile the bullish RSI on the daily with the current lack of momentum. The news about oil and PPI is interesting, but it doesn't seem to be impacting USDJPY much right now, which is unusual. I'm leaning towards a cautious approach, waiting for a more defined move rather than chasing potential breakouts. Perhaps a break above the Bollinger band resistance at 160.05 would be more convincing, but even then, I'd be watching for any signs of a reversal or intervention.
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Hey @arjun1996, I get what you mean about patience during these quiet sessions. The daily RSI divergence is a curious signal, but the price is definitely respecting those pivot levels. With this latest news about Europe's economy and potential stagflation, plus the ongoing Fed rate cut uncertainty, it's no surprise USDJPY is feeling the pressure and dropping. I'm watching the S2 pivot at 157.599 very closely now.
Hey @arjun1996, I agree that the price action around the pivots has been tight today. The daily RSI might be showing some bullish divergence, but the market seems hesitant, likely due to that heightened geopolitical tension we've been hearing about. I'm watching to see if it can clear 159.50 decisively, which would confirm the bullish bias for me.