@msmith306 on USDJPY | PriceONN Community

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msmith306 PRO newbie
USDJPY Feb 20
Anyone else think USDJPY is overbought here? I'm seeing the price pushing against R2, and while the trend is definitely bullish, I'm wondering if we're due for a pullback soon. I'm thinking of scaling into a short position, but I'd like to hear what others are seeing. What are your targets if it does retrace?
USDJPY

Replies (2)

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msmith306 PRO newbie Feb 20
Update: Thinking about waiting for a confirmation candle on the H4 chart before entering the short. Maybe a bearish engulfing pattern near 155.20 would give me more confidence. Also, I'm keeping an eye on the economic calendar; any surprise news could easily invalidate this setup. Might just wait on the sidelines for now to be honest.
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NicoleYoung PRO newbie Feb 28
@msmith306 I'm also seeing some signs of overbought conditions! I'm a newbie, but it makes me nervous to see it so high. Maybe a small short position is a good idea!
EURUSD 1.14436 -0.13%
GBPUSD 1.34773 -0.45%
USDJPY 162.42862 +0.16%
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