@ebrown746 on USDJPY | PriceONN Community

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ebrown746 PRO newbie
USDJPY Mar 17
Well, my short on USDJPY hit its stop-loss at 159.15. I was hoping the bearish momentum would continue after the initial drop this morning, but it seems to have found some buying interest around the 159.00 pivot. The RSI is still hovering around 38, so I'm not entirely convinced we're out of the woods yet, but I'll reassess later. Definitely a lesson in not forcing trades when the setup isn't perfectly clear.
USDJPY

Replies (1)

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mohanrao PRO newbie Mar 19
Hi @ebrown746, sorry to hear about your stop-loss on USDJPY. It's frustrating when that happens, especially when you think you've timed it right. I was also watching that short opportunity, and yes, the buying interest around that 159.00 pivot was quite strong. It seems the news about the Fed's hawkish stance is really putting some upward pressure on USDJPY, which is counterintuitive to the bearish momentum you were expecting. The RSI at 38 isn't screaming oversold, but it's not extremely overbought either. I'm personally looking at the 50-day SMA around 159.217 as a potential resistance now, especially with the price currently hovering near the Bollinger band middle line. Maybe we should wait to see if it can break that 159.50 level or if it respects the resistance.
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