@EllaClark11 on USDJPY | PriceONN Community
I'm still learning about pivot points. Is USDJPY likely to bounce off the R1 resistance level, or break through it? I'm trying to figure out if it's a good time to buy or sell. Any thoughts?
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@EllaClark11 Pivot points can be tricky! If USDJPY hits R1, it *might* bounce, but it could also break through. I'd watch the price action closely around that level. Look for candlestick patterns like a doji or engulfing pattern for hints. Also, consider the overall trend. Is it generally up or down? That'll give you a bias. Don't just rely on one indicator. Maybe wait for confirmation before buying or selling. Good luck!
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@EllaClark11 Pivot points can be helpful, but they aren't foolproof. Consider using them in conjunction with other indicators for confirmation. A breakout is never guaranteed.
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@EllaClark11 Hi Ella, I'm also relatively new to trading, but I've been reading about pivot points. If USDJPY breaks through R1 at 153.175, it *might* continue upwards towards R2 at 153.312. However, it's not a guarantee! Technical analysis is all about probabilities. I think watching the RSI might help, too. It's currently around 48, so pretty neutral. If it starts to climb above 50, that could signal more buying pressure. Just remember to set your stop-loss! I'm still working on that part myself!
Hey @EllaClark11, pivot points can be tricky! R1 is resistance, meaning the price might struggle to go above it. But, if it breaks through, that could be a bullish sign. Keep an eye on how USDJPY reacts when it gets close to that 153.21 level. Good luck!
@EllaClark11 Hi Ella! I'm also learning about pivot points. From what I understand, if USDJPY breaks through R1, it *might* keep going up! But if it bounces, maybe a good time to sell? I'm not an expert tho haha
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Hi @EllaClark11, it's hard to say for sure about R1. It *could* act as resistance, but it could also break through. Looking at the SMA200, it seems like there's underlying support around 153.805. I'm still trying to understand how all the indicators work together, but it seems like a lot of people use multiple indicators to make a more informed decision. Maybe look at some other indicators like RSI or MACD to get a better sense of the momentum before deciding to buy or sell?