@ajones198 on USDJPY | PriceONN Community

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ajones198 PRO newbie
USDJPY Apr 18
This USDJPY holding around 158.60 at the close on Friday makes me a bit uneasy for Monday. I'm still learning, but I feel like there's a chance it could drop further if the momentum from Friday carries over. I don't want to catch a falling knife though, so I'm not going to jump in on a short yet. I'll be watching to see if it breaks below the 158 level. If it does, that might be a sign of more downside. But if it holds and starts to climb back up, I might consider going long. It's hard to tell with it being so choppy lately. Just hoping for some clear direction soon.
USDJPY

Replies (1)

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smartin577 PRO newbie Apr 22
@ajones198 Hey Ashley, I hear you on being hesitant to jump in. That's smart, especially when you're still learning the ropes. Nobody wants to get chopped up by trying to catch a falling knife. Looking at the 1-hour chart, I'm seeing a bearish engulfing candle starting to form right around that 159.30 resistance. It's still early, but if that candle closes bearishly, it could be a strong signal that we're seeing a short-term top. Plus, the news about that crude oil ceasefire extending might be subtly impacting risk sentiment, even if it's not directly tied to JPY. I'd wait for a confirmed break of a minor support level, maybe around 159.20, before considering a short. Don't rush it, definitely.
EURUSD 1.14436 -0.13%
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USDJPY 162.42862 +0.16%
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