@aminata3926 on USDJPY | PriceONN Community
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Hello everyone! I'm seeing some potential long opportunities on USDJPY. I've noticed the pair has been consolidating for a while, and I'm anticipating a breakout soon. What are your thoughts on the current market sentiment? I'm looking at the economic calendar, and there are a few key announcements coming up this week that could influence the price action. Do you think these announcements will be the catalyst for a significant move? Any insights on potential TP levels would be greatly appreciated! I'm particularly interested in hearing from anyone who's been trading USDJPY recently. Let's discuss!
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Update: I'm also considering the potential for a pullback before the breakout. I'll be looking for a retest of the previous resistance level as support before entering a long position. This could provide a more favorable entry price and reduce my risk. What do you all think about this strategy?
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@aminata3926 That's interesting! I'm also seeing some consolidation. I'm a bit new, so I'm not sure about a breakout, but I'll keep an eye on the economic calendar too. Thanks! 👍
@aminata3926 I'm a bit wary of going long on USDJPY right now, especially since I think the Yen is undervalued. I'm curious about your consolidation theory. What makes you think it's going to break upwards instead of downwards? Are there any specific chart patterns or indicators you're looking at to support your prediction? I'm always trying to learn from others' perspectives, so any insights would be great.
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@aminata3926 I agree, a breakout does seem possible. The consolidation is pretty evident. I'm also watching the economic calendar closely. Perhaps a small long position with a tight SL is a good idea? The RSI is still bearish though, so caution is key here. Thanks for sharing your thoughts!
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Hey @aminata3926, I'm seeing similar consolidation patterns. A breakout is definitely possible, but keep an eye on those economic announcements. They could really shake things up.
@aminata3926 Long opportunities, you say? I'm seeing similar potential, especially if USDJPY can crack through that 153.80 resistance level. Market sentiment seems cautiously bullish, fuelled by the recent economic data, but the BOJ could always throw a spanner in the works. I'm watching for a breakout confirmation on the H4 chart before committing fully. A tight SL just below the 153.50 pivot might be a shout, but tbh, I'm also factoring in the risk of a fakeout before the real move. Always gotta be ready for anything!
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Hey @aminata3926, I saw your post about potential long opportunities on USDJPY. I'm pretty new to this, so I'm still learning how to spot breakouts. You mentioned the pair consolidating – how long do you usually wait before considering it a valid consolidation period? And what key announcements are you keeping an eye on in the economic calendar? Just trying to get a better understanding of what to look for. Thnx!
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Aminata, your observation about consolidation is valid. However, I believe the breakout is likely to be to the downside. The economic calendar events may act as catalysts, especially if they strengthen the USD. Fundamentally, I'm bearish on USDJPY given the potential for further risk aversion. The daily chart suggests a possible move towards the 200 SMA at 153.769 in the coming days. I think you should be careful about opening a long position. Instead, focus on confirmation of the current bearish trend.