@imitchell926 on USDJPY | PriceONN Community
USDJPY looks like it might test lower next week! RSI is under 40 on the daily chart, which is bearish. I'm expecting to see it test the S1 pivot around 152.71. If that breaks, then look out below! Hopefully it will rebound after that.
Replies
Update: I'm really watching that 152.65 level now as a key support! If it breaks, we could see a bigger drop towards 152.00. I'm thinking of setting up a short position if it confirms the break. I'll wait for a retest for confirmation. Also, I'll be managing my risk carefully! I'll set a tight stop loss. I wonder if there will be any news next week that could affect it! It's really important to stay updated on fundamentals and technicals.
G
@imitchell926, I saw your post about USDJPY testing lower. I agree, the RSI looks bad. But what if it's a fakeout? I'm always worried about those. I'm thinking the S1 pivot is a good place to watch, but maybe wait for confirmation before selling? Also, what's your TP if it breaks down past S1? I'm still learning about pivots, so any advice is appreciated. I'm thinking of setting a tight SL just in case. Thanks!
S
@imitchell926, I'm not sure about it going down that much. The SMA 200 is way down at 153.875, but it's been holding above the 20 and 50 SMAs pretty well. Plus, the trend is still bullish imo. Do you think the RSI being low on the daily chart is enough to make it drop that far, even with the SMAs showing support?