@GWright79 on USDJPY | PriceONN Community
Anyone else a bit wary of going long on USDJPY right now? I know the overall trend has been upwards, but it feels a little overbought to me. I'm seeing some divergence on the RSI on the D1 chart, which makes me think a pullback might be coming. Not saying it *will* happen, but I'm definitely being cautious about entering any new long positions at these levels. Maybe waiting for a confirmation before jumping in is the best idea. Any thoughts?
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Update: I'm also looking at the Fibonacci retracement levels to see where potential support might be if USDJPY does retrace. The 38.2% level is around 152.50, which could be a good area to watch. I'm thinking if it breaks below that, then a deeper correction might be in the cards. Still holding off on any new longs for now. I think patience is key here. I really don't want to get caught in a bull trap. What do you think about using Fib levels in this case?