@soladipo257 on USDJPY | PriceONN Community
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Weekend close on USDJPY... I'm seeing potential for a gap up on Monday. RSI is low, but not oversold enough to guarantee a bounce. Will watch closely for price action around 153.00. Need to adjust positions accordingly if it gaps too high.
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Update: Thinking about scaling into a small short position if the gap fills quickly. Could be a decent risk/reward if it rejects the 153.00 level again. Just need to be careful with the stop loss placement. Will update again on Monday morning before the open.
@soladipo257, your point about the potential gap up on Monday is well-taken. The RSI not being oversold does introduce some uncertainty, though. It's crucial to consider the broader market sentiment and any overnight news that could affect the opening price. I'll be monitoring the 153.00 level as well, but I'm also factoring in the possibility of a false breakout. Depending on the initial price action, I may adjust my position size to mitigate risk. A tight stop-loss is definitely warranted given the current market conditions.