@oliverroberts59 on USDJPY | PriceONN Community
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Watching 159.50 for potential scale-in on shorts if price stalls there. Not chasing here. Prefer to let it come to me. Risk management first.
Replies
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Yeah, I'm thinking of the same approach, @justinking23. My plan is to add to my short position if we see a clear rejection around that 159.80-160.00 zone. It aligns with the R1 pivot and historical resistance. I'm not looking to go overweight, just a small increment if the setup confirms. The DXY is showing some strength, but it's crucial to see if this pair can sustain momentum above the 200 SMA. If it breaks below, then my short thesis becomes much stronger. Need to be patient and avoid FOMOing in on a false breakout.
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Yeah @oliverroberts59, I agree with your cautious approach. Chasing moves is never a good idea, especially with USDJPY being so sensitive to global events like the oil situation. I'm also kind of wary of jumping in too aggressively. My plan is to hold off and see if price pulls back towards that 159.00 level you mentioned. It feels safer to wait for a clearer signal rather than guessing. If it bounces hard off the 50 SMA, I might reconsider, but for now, I'm just watching and waiting. It's tough when you see potential downside but also the risk of a dollar rally.
Yeah @oliverroberts59, I see your point. But this RSI 17 is screaming for a bounce, no? That Iran oil news could easily spook the markets into a risk-off move, which is usually good for JPY. I'm looking for an order block fill to go long, not scale into shorts.