@aishacoetzee54 on USDJPY | PriceONN Community
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Good morning, everyone! I'm relatively new to trading USDJPY, but I'm feeling quite optimistic about its potential upward movement. I've been reading about fundamental analysis, and it seems like the economic outlook might favor a stronger Yen. While I'm still learning, I'm planning to open a small long position and see how it goes. I will definitely be keeping a close eye on the charts and any news releases that could impact the pair. I would really appreciate any advice or insights from more experienced traders!
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Update: I've opened my long position at what I believe is a favorable entry point. I will be setting a stop-loss order to manage my risk, of course. Let's see if this plays out!
Hello @aishacoetzee54, it's great to see new traders engaging with USDJPY! While optimism is good, remember to balance it with careful analysis. You mentioned fundamental analysis suggesting a stronger Yen, but the technical indicators, like the RSI at 58.7, don't strongly support that yet. I would suggest closely monitoring the support and resistance levels, particularly the pivot points at 154.872 and 155.184, before committing to a position. Risk management is crucial, especially when starting out. Good luck with your learning journey!