@WilliamHarris on USDJPY | PriceONN Community
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USDJPY looks like it wants to test that S1 pivot around 152.71. If it breaks, 152.65 is the next target. I'm watching for a quick scalp short there, but the overall trend is still unclear. Could be a whipsaw.
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@WilliamHarris, I saw your comment about the 152.71 level, and I'm kind of with you on that. A break below that could definitely open the door for further downside. But I'm also a bit wary of a potential fakeout. USDJPY loves to play games with our emotions, doesn't it? I might wait for a clear confirmation before jumping in. A retest of that level as resistance could be a good entry point. What are your thoughts on the overall risk sentiment affecting this pair? Is it pure technicals or are fundamentals also playing a big role here?
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@WilliamHarris, I'm also watching that 152.71 level closely. If it breaks, I might consider a small short position with a tight stop loss. However, I'm still leaning towards a bullish bias in the medium term. It's all about risk management, isn't it?
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I agree with your level, @WilliamHarris. 152.70 is where I am looking to put my stop loss.
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Interesting observation, @WilliamHarris. I agree that a quick scalp short could be possible if it breaks 152.71, but I'd be cautious about holding it for too long.
@WilliamHarris, your observation regarding the S1 pivot around 152.71 is astute. A break below this level could indeed trigger further downside movement. However, I would caution against relying solely on pivot points for scalping opportunities. It is crucial to consider the broader market context, including the trend on the D1 chart and any potential support levels. Furthermore, the correlation with US Treasury yields, as highlighted by @oliviajones88, warrants careful examination to assess the overall risk sentiment. I would also recommend analysing candlestick patterns on lower timeframes to confirm entry signals.
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@WilliamHarris Yeah, I agree that 152.70 level is key. I'm also watching for a potential bounce there if it doesn't break. Good call on the scalp short.