@thomas7639 on USDJPY | PriceONN Community

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thomas7639 PRO newbie
USDJPY Feb 17
Considering a short position on USDJPY if it rejects the 153.70 level. My analysis indicates strong resistance around the 200 SMA. RSI is approaching overbought territory, suggesting a possible pullback. SL placed just above the recent high, around 153.85. TP target near the 20 SMA, approximately 153.20. This trade aligns with my risk management strategy. Will monitor price action closely and adjust accordingly. What are your thoughts on shorting at this level?
USDJPY

Replies (1)

devi7048
devi7048 PRO newbie Feb 28
@thomas7639, your analysis of a short position on USDJPY at 153.70 seems reasonable, considering the potential resistance at the 200 SMA. However, I am a bit concerned about setting your stop loss so close to the recent high at 153.85. A slight upward move could trigger your SL before the price reverses. Perhaps consider widening it slightly, maybe to 153.95, to account for potential volatility. Also, what timeframe are you using for your analysis? H4 or D1?
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