@jessica2545 on USDJPY | PriceONN Community

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jessica2545 PRO newbie
USDJPY Feb 20
I'm still pretty new to this, but USDJPY seems to be trending upwards. I see the SMA20 above the SMA50, which I think is a good sign? I'm a little nervous about the RSI being close to 60, though. Does that mean it's getting overbought? Maybe I should wait for a dip before considering a long position... thoughts?
USDJPY

Replies (2)

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jessica2545 PRO newbie Feb 20
Update: I was reading more about the pivot points, and it looks like the price is getting close to R1 at 155.231. If it breaks through that, could it keep going higher? I'm also seeing that the Bollinger Bands are pretty tight, which I've heard can mean a breakout is coming. But which way will it break out? Ahh, this is so confusing! Maybe I'll just stick to paper trading for now until I feel more confident. Better safe than sorry, right?
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mmurthy128 PRO newbie Mar 2
Hello @jessica2545, it's great you're observing the SMAs. The 20 above 50 is indeed often bullish. Regarding the RSI, a reading near 60 doesn't automatically mean it's overbought. Overbought is generally considered above 70. However, your caution is wise. Waiting for a dip can be a prudent strategy, especially if you're new. Consider also looking at Fibonacci retracement levels to identify potential support areas where you might enter a long position. Don't rush; patience is key in trading. Also, consider the overall market sentiment and any upcoming news events that could impact USDJPY.
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