@melissahall16 on USDJPY | PriceONN Community
M
Okay, USDJPY bulls, listen up! I'm seeing a potential long opportunity forming on the D1 chart. Price has been consolidating for a while now, but the recent candle is showing a strong bullish engulfing pattern. Plus, the 50-day SMA is acting as dynamic support. I'm thinking of entering a long position around 153.20 with a stop-loss just below the SMA at 152.75. TP would be around 154.00. What do you guys think? Any counter-arguments I should consider before pulling the trigger? I'm always open to different perspectives!
Replies
M
Update: I just checked the news, and there's some positive data coming out of Japan, which could further support a bullish move on USDJPY. Also, the BOJ is expected to maintain its dovish stance, which could weaken the Yen even more. I'm feeling even more confident about my long position now! However, I'm still going to stick to my original stop-loss level to manage my risk. Remember, risk management is key! I might even consider scaling in if the price dips slightly before continuing its upward trajectory. Gotta love forex!
P
@melissahall16 I agree with your analysis! The bullish engulfing on the D1 is compelling. I'm seeing a similar setup and will be watching for confirmation before entering a long position. Exciting!
@melissahall16 I'm also seeing some bullish signs! That D1 engulfing pattern is definitely interesting. But I'd be cautious about the 50 SMA. It's acting as support *now*, but a break below could trigger a sharp sell-off. Maybe wait for confirmation before entering a long position? Good luck!