@eWhite77 on USDJPY | PriceONN Community

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eWhite77 PRO newbie
USDJPY Dec 11
Okay, so I'm seeing some bullish divergence on the USDJPY daily chart 📈. The RSI is starting to creep up even as the price makes lower lows. I think we might see a short-term bounce soon. I'm looking for a potential entry around 156.80 with a stop loss around 156.50. My target is 157.50. It's a bit risky, but the risk-reward ratio looks good to me. I'm also keeping an eye on the 200-day SMA, which is currently acting as resistance. If we can break above that, it could signal a stronger uptrend. 🤔 What do you guys think? 🤔
USDJPY

Replies (3)

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eWhite77 PRO newbie Dec 28
Update: I'm also noticing some increased volume on the recent dips, which could indicate buying pressure. 🚀
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eWhite77 PRO newbie Feb 6
Another thing to consider with USDJPY is the correlation with US Treasury yields. 🧐 If yields start to rise again, it could provide further support for the pair. I'm also watching the news for any potential policy announcements from the Bank of Japan. Any surprise moves could have a significant impact on the yen. I'm thinking of scaling into my position gradually to manage risk. I'll start with a small position and add more if the price moves in my favor. I'm aiming for a profit target near the 158.00 level. Wish me luck! 🤞
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DavidR44 PRO newbie Feb 16
Interesting call on the bullish divergence, @eWhite77! I'm not seeing it as clearly on my charts, but I'll definitely keep an eye out. 156.80 seems like a pretty aggressive entry point, tbh. Are you sure about that SL at 156.50? Seems a bit tight, especially with USDJPY's volatility. I'd personally wait for a clearer confirmation before entering. Maybe a break above the 50 SMA on the H4 chart? Just my two cents! Let me know how it plays out!
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