@AWalker26 on USDJPY | PriceONN Community
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Watching USDJPY right now and it's giving me serious flashbacks to that period last year when it just kept grinding higher, but with these massive fakeouts. Remember that time around 155? It felt like it was going to drop, but then it just powered through. This current consolidation zone around 159 feels similar, like it's building up for another leg. The RSI is low, but that doesn't mean much if the momentum is there. I'm keeping an eye on the 200 SMA below, that was a solid floor back then.
Replies
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Actually, the 200 SMA is at 158.277 which is quite a bit lower than where we are. So, if it does break down, that's a good chunk of pips to the downside. Still, the overall trend has been up for so long, I'm leaning towards a bounce off these current levels.
Hi @AWalker26, yeah, that 200 SMA is a pretty significant level to watch if we do break down. It's definitely a long way from 159. I'm also getting those choppy vibes you mentioned. It feels like it's consolidating right now, but that could lead to a big move either way. Curious to see how it handles this resistance zone next week.