@codyscott99 on USDJPY | PriceONN Community
C
Planning my approach for Monday's open on USDJPY. Given the bullish momentum from last week, I'll be watching for a potential gap up. If it gaps up and holds above 159.80, I'll consider a long position, but with a tight stop loss just below the gap fill level around 159.65. I'm thinking of using a 1:2 risk-reward ratio initially, targeting 160.20. However, if it gaps down, I'll stay out and reassess. The dollar index strength is a key factor to watch too. I'll need to see how it reacts to the Middle East situation.
Replies
Interesting plan, @codyscott99. I'm also watching the 159.80 level. Given how choppy it's been lately, I'm hesitant on a gap up hold without confirmation from the DXY holding steady or slightly lower.