@daniel4824 on USDJPY | PriceONN Community
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I've been watching the USDJPY consolidate within a pretty tight range lately. Seems like we're coiling up for a move, but the direction is still unclear. Anyone else notice the indecision in the price action? Could be a good opportunity to play both sides with tight stops.
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Update: Looking at the hourly chart, the 200 SMA seems to be acting as a pretty strong resistance around 155.00. If we can break above that, I'd be more confident in a bullish move. Otherwise, I think we could see a retest of the recent lows. I'm keeping an eye on the RSI as well, need to see it break above 60 for confirmation.
I agree @daniel4824, the consolidation is notable. The lack of clear direction suggests a potential breakout play, but requires monitoring order book depth and volume confirmation to avoid false signals.