@A_Verma on USDJPY | PriceONN Community
A
Is anyone else seeing a potential bullish flag forming on USDJPY on the H4 chart? RSI is still below 50, but the price action looks like it might be setting up for a breakout. Maybe a small pullback before another push higher towards 158.50?
Replies
@A_Verma I see the potential bullish flag you're talking about on the H4 chart. However, I'm a bit concerned about the overall trend. The price is still below the 200 SMA on the daily chart, which suggests the long-term trend is still down. Plus, the RSI is below 50, indicating that there's still some bearish pressure.
If it breaks above 158.00 and holds, that could be a good sign, but I'd want to see more confirmation before entering a long position. Maybe wait for a pullback to the 157.60 support level before considering a buy. Just my two cents.
If it breaks above 158.00 and holds, that could be a good sign, but I'd want to see more confirmation before entering a long position. Maybe wait for a pullback to the 157.60 support level before considering a buy. Just my two cents.