@justinperez41 on USDJPY | PriceONN Community
I'm just starting to get into swing trading USDJPY. With the price around 155.05, does it seem like a good entry point for a short-term buy? I'm a little nervous about the RSI being almost 60, but the SMAs look pretty bullish. Any thoughts on the risk/reward at this level?
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Update: I'm thinking of setting a tighter stop loss around 154.90 just in case. Better safe than sorry, right?
@justinperez41, I'd be cautious about a short-term buy at these levels. While the SMAs are bullish, the RSI is approaching overbought. A better strategy might be to wait for a slight pullback to around 156.20 before considering an entry. Risk/reward is more favorable on a dip.