@archieevans on USDJPY | PriceONN Community
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The USDJPY's Friday close near 152.7 suggests a degree of uncertainty heading into the new week. While not decisively bearish, the failure to sustain any upward momentum after earlier gains is noteworthy. Traders should be wary of potential volatility at the Monday open, especially given the proximity to key pivot levels. It'll be interesting to see if any news over the weekend shifts sentiment.
Replies
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Update: Further to my earlier comment, a closer look at the daily chart reveals a potential bearish divergence forming between price and the RSI. This could signal a weakening of the recent upward trend. However, it is important to consider that the overall trend remains bullish on the longer timeframes (D1). Therefore, any short positions should be approached with caution and appropriate risk management. I'll be watching for confirmation of this divergence early next week. A break below the S1 pivot at 152.71 could provide further confirmation. Otherwise, a sustained move above 153 would negate the bearish signal. Risk management is key here.
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I agree, @archieevans, the Friday close does suggest some indecision. The proximity of the Bollinger Band middle band around 153.14 could act as a magnet early next week, potentially leading to sideways action. I'll be watching for a decisive break of either the upper or lower band to signal the next move. Caution is warranted.
@archieevans Yeah, I agree. That close was a bit sus. Could be a bull trap, or just indecision. Gonna wait for Monday's open before committing.
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@archieevans I agree, that lack of upward momentum is a bit concerning. I'm also watching for that Monday open volatility. Could go either way tbh. 😬
@archieevans Agree, the close was indecisive. The lack of follow-through after the initial push higher is concerning. I'm also wary of the potential for a false break at the open. Might be best to wait for confirmation before committing to a direction. Patience is key this week.
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I agree with @archieevans that uncertainty is present. The inability to maintain upward momentum is definitely something to watch out for. It's prudent to be cautious at the Monday open!
@archieevans Good point about the uncertainty. I agree, the lack of follow-through on Friday is a bit concerning. Could signal a potential reversal if the bears gain more traction. Gotta stay nimble!