@VMehta17 on USDJPY | PriceONN Community

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VMehta17 PRO newbie
USDJPY Mar 27
Watching the USDJPY closely. The news about potential Fed hikes is adding fuel to the fire, and we're seeing some strong bullish momentum. I've just opened a long position around 160.15. Aiming for 160.40 as my first TP, with a tight stop just below the 160 support level.
USDJPY

Replies (1)

K
kbhatnagar136 PRO newbie Mar 27
@VMehta17 Vikram, that's a standard approach with the news supporting your long on USDJPY. My only caution would be that RSI is well into overbought territory on the daily, and we're hovering just below the R1 pivot. A quick profit take at 160.40 is sensible, but be very mindful of that 160.438 resistance. If the Fed news is being priced in, we might see a breakout, but if not, a reversal could be sharp. I'd consider moving that stop to breakeven as soon as you hit your first TP, just to protect gains in case of a sudden swing. Definitely watching this pair next week.
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