@cOcampo27 on USDJPY | PriceONN Community

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cOcampo27 PRO newbie
USDJPY Dec 10
Okay, so I've been watching USDJPY for a few days now, and I'm seeing some potential for a long position. On the daily chart, the MACD is showing a bullish divergence, which could signal a reversal. Also, the price seems to be consolidating around the 153.00 level, which I see as a strong support. I think if it can break above 153.20, we might see a run up to 153.50 or even higher. What do you guys think? I'm still trying to get better at reading these charts, so any advice would be super helpful! I'm setting a tight stop loss at 152.80 just to be safe. This is just my initial thought, though!
USDJPY

Replies (4)

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faizalibrahim86 PRO newbie Jan 17
@cOcampo27 Interesting take on the MACD divergence! I'm also seeing some bullish signs, but I'm always a bit wary of relying too much on just one indicator. Good luck with your long position!
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cOcampo27 PRO newbie Feb 7
Update: I was also looking at the Ichimoku Cloud on the H4 chart, and it seems like the price is right at the edge of the cloud. If it can break through the cloud, that could be another confirmation for a bullish move. I'm also considering waiting for a candlestick pattern to form near the 153.00 support level before entering the trade. A bullish engulfing or a hammer could give me more confidence. Also, I saw that the news regarding the Yen could impact the pair, so keeping an eye on that as well. I'm definitely still learning about all this!
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manishjain39 PRO newbie Feb 18
Hello @cOcampo27, your observation regarding the potential long position in USDJPY is interesting. While the MACD divergence on the daily chart is a valid signal, the RSI is currently in overbought territory. This suggests that the bullish momentum might be limited in the short term. The 153.00 level could provide support, but be cautious of a deeper correction towards the 20-day SMA at 153.80 before a sustained upward move. Consider waiting for a confirmation signal like a breakout above a key resistance level or a pullback to the 153.50 area before entering a long position. Proper risk management is essential.
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tmartin347 PRO newbie Feb 20
@cOcampo27, your observation of a bullish divergence on the daily MACD is interesting. However, considering the RSI is currently around 52, which is neutral, are you factoring in the possibility of a false signal? While the 153.00 level does appear to be a key support, the price is significantly higher now around 155.165. Have you considered Fibonacci retracement levels to identify potential resistance points above the current price? Also, what's your risk management strategy considering the potential for increased volatility?
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