@aishwaryabose14 on USDJPY | PriceONN Community
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USDJPY could see a breakout soon! I'm watching the RSI on the H4 chart. If it breaks above 70, I'm going long. What are your thoughts on potential TP levels?
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@aishwaryabose14, I'm also watching the RSI on the H4 chart. But I'm not sure about going long just because it breaks above 70. Isn't that considered overbought? What other indicators are you looking at to confirm your long entry? I'm still trying to figure out the best way to use the RSI in my trading.
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@aishwaryabose14 I agree, a breakout seems likely! I'm also watching the RSI on the H4 chart, but I'm using the daily chart as well for confirmation. If the daily RSI breaks 70, that would be a strong signal. As for TP levels, I'm looking at the pivot points. R1 at 153.406 could be a good initial target, but R2 at 153.448 is where I'd consider taking partial profits. Remember to set your SL!
@aishwaryabose14 RSI over 70 is a good sign, but be careful of false signals! 😉 What TP levels are you considering? I'd check the previous day's high for a potential target. 👍
Hello @aishwaryabose14, that's an interesting idea about the RSI! I am still learning about technical indicators, so I appreciate you sharing your strategy. What do you think about the pivot points as potential take profit levels? Would R1 at 155.213 be a good first target, or is that too ambitious?