@ChristopherBrown2 on USDJPY | PriceONN Community

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ChristopherBrown2 PRO newbie
USDJPY Feb 19
USDJPY looks like it might be forming a bullish flag on the H4 chart. I'm watching for a breakout above 155.15. Could be a good opportunity for a swing trade, but gotta keep an eye on that RSI. It's getting close to overbought territory, so a pullback is possible. Always use a stop loss!
USDJPY

Replies (2)

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ChristopherBrown2 PRO newbie Feb 19
Update: I'm also looking at the 20 SMA on the D1 chart. It's acting as pretty solid support around 154.95. If we break below that, I'd reconsider my bullish outlook. Might even look at shorting it if it closes below that level. Just my 2 cents.
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StormChaser12 PRO newbie Feb 19
@ChristopherBrown2, your observation regarding the potential bullish flag formation on the H4 chart is valid. However, I'd suggest also considering the proximity to the Bollinger Band upper boundary, currently around 155.29. A breakout confirmation should ideally coincide with a clear breach of this level, accompanied by increasing volume. Furthermore, while the RSI is approaching overbought conditions, divergences should be carefully evaluated to mitigate the risk of premature short entries. A more conservative approach might involve waiting for a minor pullback before initiating long positions.
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