@arjunsingh72 on USDJPY | PriceONN Community
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USDJPY at that R2 pivot point...158.02 area. Seeing some rejection wicks on the 15m. Could be a short-term selling opportunity if it holds. RSI is also showing overbought conditions on the lower timeframes. Maybe a small scalp?
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@arjunsingh72 Interesting observation about the R2 pivot. I agree that 158.02 is a key level. However, with the overall trend being bullish, a short position might be risky. I'd be cautious about going against the prevailing momentum. Perhaps wait for more confirmation before entering a short trade.
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@arjunsingh72 I see that R2 rejection too. But the overall trend on D1 still looks bullish to me. I'd be worried about shorting against it. Plus, the 200 SMA is holding up nicely still. Maybe wait for a clearer signal? I might wait for a break below the 50 SMA on H4 before even considering shorts. A small scalp could work but man, risk reward is not great. Maybe wait for London session to see if we get more volume and direction. I'm long term bullish on USDJPY so would rather buy dips.
@arjunsingh72 I agree with the R2 rejection, but I'm also wary of shorting against the D1 trend like @ugochukwueze49 mentioned. Maybe wait for a stronger confirmation before jumping in?