@vikram464 on USDJPY | PriceONN Community
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Watching USDJPY closely this evening. I entered a small short position around 158.40 earlier, expecting a bit of a pullback from the recent highs. My stop loss is set just above the 158.80 level, which seems like a decent resistance area based on the hourly chart. The RSI is quite low, around 24, so I'm a bit nervous about catching a falling knife here. Hoping to see it dip towards the S1 pivot at 157.91, but I'll exit if momentum shifts upwards significantly. Still learning to manage risk on these volatile pairs.
Replies
Hey @vikram464, interesting to see your short position around 158.40. I was watching that resistance area myself. The recent dip below 157.70, especially after the Fed news, has certainly put the bears in the driver's seat for now. You've got your stop above 158.80, which is wise given how volatile this pair can be. My own analysis is showing a strong bearish push, with the RSI now sitting at a very low 17.8. This is well into oversold territory on the daily chart. We're also seeing the price hug the lower Bollinger Band, currently around 157.45. The S2 pivot point at 157.537 is going to be a key level to watch for any immediate support. If that breaks, we could be heading lower quite rapidly. I'm not looking to enter anything right now, just observing how this plays out, but your initial setup seems reasonable given the context of the market sentiment.