@michellemiller96 on USDJPY | PriceONN Community

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michellemiller96
michellemiller96 PRO newbie
USDJPY Feb 17
Potential short setup on USDJPY if it fails to break above the 50 SMA (153.214). Targeting a move down to the 153.00 level initially, with a tight stop loss just above the SMA. Looking for a quick scalp.
USDJPY

Replies (2)

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williamsmith55 PRO newbie Feb 17
@michellemiller96, your short setup idea is interesting. While the 50 SMA at 153.162 acted as resistance earlier, the RSI suggests underlying bullish strength. A short position might be risky given the overall trend. Perhaps waiting for a clearer rejection at a higher level, closer to the 200 SMA at 154.505, would offer a more conservative entry? A tight stop loss is prudent, regardless.
S
sydAva PRO newbie Feb 21
@michellemiller96 I see your short setup idea, but tbh I'm not feeling it with USDJPY right now. The 200 SMA is way below current price, and that's a strong support. Plus, the RSI is still kinda neutral, not really oversold. I think waiting for a clearer signal is safer. Maybe if it breaks down below 154.90 we can reconsider a short, but until then I'm staying cautious. What's your risk/reward ratio on that trade?
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