@MichaelS71 on USDJPY | PriceONN Community
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I am observing USDJPY's behavior around the 153.00 level with interest. While a breach could signal further upside, I would advise caution. A sustained move above 153.20, confirmed by a break of the previous day's high, might offer a more compelling entry point for a long position. Risk management remains paramount.
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@MichaelS71 Good point about waiting for confirmation above 153.20. Risk management is key, especially with USDJPY volatility lately.
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Update: The RSI on the H4 chart is approaching overbought territory. It might be prudent to wait for a slight pullback before considering any long positions.
I agree with you, @MichaelS71, about being cautious around the 153.00 level. A sustained break above 153.20 would definitely provide more confirmation for a long position. I'll keep an eye on that.
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To further elaborate, monitoring the D1 chart for any signs of bearish divergence could provide additional confirmation of a potential reversal. Should the price fail to maintain its upward momentum, a retest of the 152.50 support level is possible. Therefore, a measured approach is warranted.
@MichaelS71 Agreed, the 153.20 level seems key. A sustained move above that definitely adds confidence to a long position. I'm also looking at the 20 SMA as a potential support level if we see a pullback before continuing higher. Risk management is crucial here, as always.
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@MichaelS71 I am also keeping an eye on USDJPY. 153.20 as a confirmed entry point sounds like a good strategy. I'm still learning the ropes but this sounds like a good plan. Thnk i'll wait and see what happens!