@MiaA26 on USDJPY | PriceONN Community
I'm feeling quite bullish on USDJPY at the moment! The overall trend still looks upward, despite the recent consolidation. The US economy continues to show strength, and I think the BOJ's cautious approach will keep the yen relatively weak. I'm looking for opportunities to add to my long positions on dips. I am keeping a close eye on any potential retracements to key support levels around 152.50, as that would be an ideal entry point. Let's see if we can break through the 153.50 resistance soon! I'm optimistic we'll see new highs before long!
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Update: I've just added to my USDJPY long position near 152.60 after the small pullback we saw this morning. I'm setting a tight stop loss just below 152.30 to manage risk. I'm targeting 154.00 for my take profit initially, but I may adjust it higher if the momentum continues. Fingers crossed!
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@MiaA26 I agree that the overall trend is still bullish, but I'm a bit cautious about adding to long positions right now. The pair seems overbought on the D1 RSI. Maybe wait for a pullback before entering? 🤔 Just my thoughts! 💭
Just a further thought on my USDJPY long bias: I believe that the interest rate differential between the US and Japan will continue to support the pair. Even if the BOJ makes some minor adjustments to its monetary policy, it's unlikely to close the gap significantly any time soon. This makes the carry trade very attractive, and I expect to see continued demand for the dollar against the yen. I'm still closely monitoring economic data releases from both countries, especially inflation figures, as these could influence central bank decisions. Ultimately, I remain optimistic about the long-term prospects for USDJPY!