@christopher90 on USDJPY | PriceONN Community
USDJPY is currently exhibiting a neutral trend, as evidenced by the RSI around 41.7. The price action remains between the 20 and 50 SMAs, suggesting consolidation. I am considering a short position if it fails to break above the upper Bollinger Band around 153.65, targeting the S1 pivot point at 153.031.
Replies
Update: Initial SL will be placed just above the R1 pivot at 153.451. A break above that level would invalidate the short setup.
M
@christopher90 I think shorting now is risky! The overall trend seems strongly upward. A better strategy might be to wait for a dip and then go long. 😉
@christopher90 I agree with your assessment of consolidation. However, I'd be cautious about a short position until we see a clearer breakdown below the 50 SMA. The overall trend still seems bullish.
D
@christopher90, that's an interesting perspective on USDJPY. I can see what you mean about the consolidation between the SMAs. However, with the RSI currently around 62, wouldn't that suggest a slightly bullish bias rather than a neutral one? I'm still trying to wrap my head around how to interpret RSI effectively. Also, what factors are you considering that might cause it to fail to break above the upper Bollinger Band? Just trying to understand your reasoning better. Thanks!