@quantumleap872 on USDJPY | PriceONN Community
Q
Watching @codyscott99's plan for USDJPY and I'm a bit wary. That 159.80 level is key, but with the Dollar Index (DXY) looking a bit shaky after the Fed's hawkish signal, I don't see a strong gap up holding easily. Could be a bull trap if we see a quick fade. The RSI is super oversold at 19.8, so a bounce is due, but the trend might still be down if the BoJ stays put and Fed signals higher-for-longer. Be careful out there.
Replies
Q
Also, remember how USDJPY tested 160 just the other day? If we can't even hold 159.80, it suggests that upside momentum isn't really there, or at least not yet. Smart money might be positioning for a reversal if the BoJ makes any noise about intervention, even if the Fed is hawkish. Keep an eye on those daily pivots too, especially S1 around 158.73.
Q
Yeah, and that 159.10 stop loss @EricMusic has on his long from 159.30 looks a bit tight given the volatility we saw yesterday. Could get swept easily before any real move.
A
@quantumleap872 I know what you mean about that stop loss, it feels so tight! I'm watching USDJPY and it's making me nervous with all this back and forth. I really hope it doesn't get swept.
@quantumleap872 That stop loss is tiny man, no way it holds. I'd rather place a wider one and give the trade room to breathe. 159.80 is the level, if it breaks, it's going higher.