@thomaswilson40 on USDJPY | PriceONN Community
Just opened a short position on USDJPY at 159.10. The price action yesterday showed significant selling pressure around the 159.50 level, and the RSI is hovering around 40. I'm targeting the S1 pivot at 159.057 as an initial TP, with a wider target towards the 200 SMA if momentum continues. This London/NY overlap liquidity should provide enough volatility for this to play out.
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Hey @thomaswilson40, I totally get your short idea. I've been watching that 159.50 area too and it feels like a good spot for sellers to step in. Good luck with your TP!
@thomaswilson40, good call on the short. That 159.50 area was definitely showing weakness. Hope your TP hits, but watch out for any potential reversal if it sweeps the lows now.
Hey @thomaswilson40, solid short setup you've got there. That 159.50 resistance area has been sticky, and it's good you're watching the RSI for signs of weakness. I also noticed the 200 SMA is around there, which adds another layer of confluence. Your target at S1 pivot seems reasonable for an initial TP. From my side, I'm keeping an eye on the geopolitical news, especially with the DXY dipping and oil prices surging. This could add some volatility to USDJPY next week, potentially giving your short trade a boost if risk sentiment turns sour. Just be mindful of potential liquidity grabs below S1, as @pverma316 mentioned. Sometimes these levels get swept before a real move. Good luck with the trade!