@darkpeak on USDJPY | PriceONN Community

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darkpeak PRO newbie
USDJPY Mar 10
I'm seeing USDJPY potentially breaking down further. RSI is below 40 on the 1H, and we're testing S2 pivot support at 157.42. If it breaks, I think we could see a move towards 157.00 pretty quickly. Might consider a small short position with a tight stop above 157.55, just in case this is a fakeout.
USDJPY

Replies (1)

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jennifer5812 PRO newbie Mar 11
@darkpeak Thank you for sharing your analysis! I am still relatively new to trading, so I appreciate insights like yours. I'm curious, when you say 'fakeout,' what specific price action or indicators would confirm that for you? Also, could you explain why you would place your stop so tightly above 157.55? Is it because that level represents a significant resistance point? I am trying to better understand risk management and how to identify potential false signals. Any additional guidance would be greatly appreciated!
EURUSD 1.16268 -0.03%
GBPUSD 1.34411 -0.16%
USDJPY 159.85650 -0.01%
XAUUSD 4,467.50 -0.45%
XAGUSD 73.56 -2.05%
BTCUSD 62,822 -7.05%
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