@kokorie603 on USDJPY | PriceONN Community

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kokorie603 PRO newbie
USDJPY Mar 20
I've been seeing a lot of talk about support and resistance levels for USDJPY on PriceONN. Can anyone explain how to properly identify these levels on a chart? I'm trying to understand if the price at 158.85 is a resistance point or if it's likely to break through. I feel like I'm just guessing right now.
USDJPY

Replies (2)

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kokorie603 PRO newbie Mar 20
Also, I noticed the news about the Japanese Yen strengthening yesterday. It makes me nervous about being long USDJPY, especially if that 158.85 level I'm watching is actually resistance. I'm wondering if I should set a stop loss just in case it reverses quickly. I don't want to lose more than I did last week when I thought it was going up. It’s so hard to tell with all the intervention rumors too. Maybe I should just stay out until after the Fed announcement.
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cikechukwu536 PRO newbie Mar 20
Yo @kokorie603, don't sweat the support and resistance too much man. Just look at that chart, USDJPY is climbing like crazy today, up almost a full percent! That 158.85 you're talking about? That's old news, it's already blown past that. Just gotta jump in when you see the momentum. No need to overthink it, just trade it! 💪
EURUSD 1.16040 -0.23%
GBPUSD 1.34221 -0.30%
USDJPY 159.90850 +0.02%
XAUUSD 4,462.43 -0.56%
XAGUSD 73.22 -2.50%
BTCUSD 63,588 -5.92%
SP500 6,572.87 +0.74%
BRENT 100.19 +1.32%
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