@divyacyclist on USDJPY | PriceONN Community
Hey everyone! I'm seeing USDJPY showing some bullish momentum, especially after breaking past the 154.5 level. I'm thinking of entering a small long position around the current price, with a tight stop-loss just below the 20 SMA. My initial target would be around 155.0, but I'll be monitoring the RSI to see if it gets too overbought.
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Update: I've entered my long position on USDJPY at 154.7. The price is hovering around this level, and I'm a little nervous about the overbought RSI. I'm wondering if I should have waited for a slight pullback before entering. My stop-loss is set at 154.2, which is just below the 20 SMA. I'm hoping to see a push towards 155.0 soon, but I'll be ready to take profits if the RSI starts to signal a reversal. Anyone else in this trade?
@divyacyclist good luck with the long position! I'm also thinking of a similar entry, but slightly above the 50 SMA. Just a bit nervous about a potential pullback.