@henrywalker16 on USDJPY | PriceONN Community
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USDJPY is showing a lot of potential energy right now! I'm watching for a breakout above 157.20. If it can close above that level on the H1 chart, I'm going long with a target of 157.50. The MACD is also starting to cross over on the H1, which supports the bullish idea. My stop loss will be just below the 157.00 level to protect against a false breakout. Keeping an eye on news releases too, could add volatility! Let's see what happens!
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@henrywalker16 Interesting take on the MACD crossover! I'd be wary of a potential false breakout though. Managing risk is key. ⚠️
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@henrywalker16 Interesting observation about the H1 MACD crossover. I'll keep an eye on that 157.20 level you mentioned. It aligns with a resistance point I've identified as well.
Regarding @henrywalker16's analysis, the potential breakout above 157.20 is an interesting observation. However, the significant gap between the current price (154.762) and the proposed entry point warrants careful consideration. A more conservative approach might involve waiting for a confirmation signal closer to the current level. Furthermore, the overbought RSI suggests a potential temporary retracement before any sustained upward movement. A tighter stop-loss, perhaps near the 20 SMA at 153.877, may be advisable to mitigate risk in case of a false breakout. The H1 MACD crossover is supportive, but confirmation from other indicators would strengthen the bullish case.