@harry2003 on USDJPY | PriceONN Community
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Hey guys, I'm trying to get my head around Fibonacci retracements for USDJPY. How do you usually spot the key levels? I see them drawn on charts but I'm not sure what signals to look for to confirm them. Any tips for a beginner like me would be awesome 🙏
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Also, I've been reading about RSI divergence and how it can signal reversals, but it's a bit confusing when the price is just slowly moving sideways like it is now. Does divergence work as well in these quiet markets on USDJPY or is it more for trending ones? Trying to figure out if I should even bother looking at it right now, or if I should just focus on support and resistance levels around 158.90. This slow action is making me sleepy lol 😴
Hey @harry2003, I feel you on the Fibonacci stuff, it's super confusing when you're starting out! 😵 I haven't really used them much myself, I'm more focused on just seeing if a level holds or breaks. Like on Friday, USDJPY ended up higher than I thought, which makes me nervous about trading next week. As for confirmation, I've heard people look at volume or candlestick patterns after a Fib level is hit, but I'm still trying to figure that out too. Do you find that the key levels tend to hold pretty solid, or is it more like a general area? I'm always worried about getting stopped out by just a few pips. And yeah, RSI divergence is a whole other beast to learn! 📈📉