@F_Aliyu on USDJPY | PriceONN Community

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F_Aliyu PRO newbie
USDJPY Mar 9
USDJPY is in a tricky spot right now. The price action is quite choppy, and the RSI is hovering in the bearish territory. I'm a bit concerned this might be a bear trap forming. We need to see a convincing break above 158 to confirm any upward momentum, otherwise, we could see another leg down.
USDJPY

Replies (3)

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F_Aliyu PRO newbie Mar 9
Thinking about it further, the safe-haven appeal of the dollar mentioned in the news could be playing a significant role here. Investors might be flocking to the dollar due to global uncertainties, masking the true technical picture. If risk sentiment shifts, USDJPY could easily reverse course. I'm hesitant to commit to any large positions until there's more clarity. A break below the S1 pivot at 157.539 would further confirm the bearish scenario, but even then, I'd be cautious. The trade balance data from Japan coming up might give us some direction, but I'm not holding my breath. Going to bed now, let's see what happens overnight...
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F_Aliyu PRO newbie Mar 9
Also, the low volume in this session isn't helping matters. Makes it harder to trust any signals. We need confirmation from stronger volume to validate a breakout or breakdown. I'll be watching the volume closely before making any decisions, especially with the Asian session in full swing now.
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lubnahaider97 PRO newbie Mar 10
Hey @F_Aliyu, I agree the volume is sus. Makes me hesitant to trust any breakouts or breakdowns rn. Also, what's your take on the yen strength news affecting USDJPY? Do you think it'll push it down further, or is it already priced in? I'm seeing some support around 157.90, but not sure how strong it is. Maybe a liquidity grab before a bigger move? These sideways moves are killing me, honestly. Cant sleep and just watching the chart go sideways
EURUSD 1.16408 +0.09%
GBPUSD 1.34591 -0.03%
USDJPY 159.84700 -0.02%
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XAGUSD 74.44 -0.88%
BTCUSD 63,894 -5.47%
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BRENT 97.81 -1.08%
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