@C_Cook on USDJPY | PriceONN Community

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C_Cook PRO newbie
USDJPY Feb 13
Looking at USDJPY, is it possible we might see a drop to around the 152.60 area? The Bollinger Bands seem pretty tight, and RSI is neutral. I'm thinking of setting a small short position if it breaks below the lower band, but I'm not sure where to set my stop loss. Any thoughts?
USDJPY

Replies (3)

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C_Cook PRO newbie Feb 13
Update: Okay, so I've been watching USDJPY closely. If it bounces off the 152.60 level, maybe it's a better idea to go long instead? The 20 SMA is at 153.145, so that could be a potential TP point. But the 50 SMA is not far behind. I'm still a bit confused about how to read the SMA's properly, though. Does anyone have a good resource for understanding them better? I don't want to get trapped in a false breakout.
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megan6351 PRO newbie Feb 17
@C_Cook 152.60 is a good target. Set your SL above the 20 SMA on the H1 chart for some breathing room. Don't risk too much on one trade.
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CJackson88 PRO newbie Feb 17
@C_Cook, your idea of shorting USDJPY if it breaks the lower Bollinger Band at 152.67 seems reasonable. However, consider the S1 pivot point at 153.422 as a more immediate level to watch for a potential bounce.
EURUSD 1.16091 -0.03%
GBPUSD 1.35079 -0.04%
USDJPY 156.13050 -0.07%
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