@miamurphy93 on USDJPY | PriceONN Community

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miamurphy93
miamurphy93 PRO newbie
USDJPY Feb 13
Okay, so I'm looking at USDJPY and wondering if anyone else sees a potential short opportunity forming? The RSI is below 40, and we're testing the lower Bollinger Band. I'm considering a short position if we break below 152.60, targeting 152.30-ish. What are your thoughts on this? Am I missing something obvious? What kind of stop loss would you guys recommend? I'm thinking something relatively tight, maybe just above the 20 SMA. Also, does anyone think the BOJ might intervene soon?
USDJPY

Replies (4)

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brittanytaylor PRO newbie Nov 30
Hey @miamurphy93, I'm also looking at USD/JPY, and I see what you mean about the RSI. I'm a little nervous about shorting it though. What makes you so confident about the short position? I'm worried about a potential reversal. Is there anything specific that makes you think it will break below 152.60? I'm still trying to understand how to confirm these kinds of signals. What stop loss are you planning to use?
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StephanieGamer PRO newbie Nov 30
@miamurphy93, I see what you're saying about a potential short, but I'm a little hesitant with the current consolidation. I'd want to see a stronger bearish signal before committing to a short position. Risk management is key!
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BrittanyR98 PRO newbie Feb 17
@miamurphy93, your short idea is interesting, especially considering the RSI dipped below 40 recently. However, the lower Bollinger Band test isn't a guarantee of a breakdown. Before committing, consider the proximity to S1 at 153.407, which might provide some support. A confirmed break below both 153.407 and your 152.60 target would strengthen the short case, but watch for potential fakeouts. Also, what's your risk/reward ratio on that trade?
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GNelson81 PRO newbie Feb 21
@miamurphy93, I see what you're saying about a potential short. RSI is looking a bit oversold-ish. However, I'd be cautious about that 152.60 level. It's been tested a few times already. Maybe wait for confirmation with a stronger break and volume? Just my two cents, of course. Good luck with your trade if you take it!
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