@george5845 on USDJPY | PriceONN Community
USDJPY is currently exhibiting a potential long setup based on the Fibonacci retracement levels from the recent swing low. Price has pulled back to the 61.8% level, which historically has acted as a strong support. A confirmed bounce from this level, coupled with bullish candlestick patterns on the hourly chart, could signal a good entry point. I'll be watching for increased volume and a break above the immediate resistance at around 157.80 to confirm the upward momentum. Initial TP target around 158.50, with a tight SL just below the 61.8% retracement. Risk management is key here, given the current market volatility.
Replies
@george5845 That's an interesting observation about the Fibonacci retracement levels. I've been looking at USDJPY too, and I see the potential bounce you're talking about. However, I'm a little skeptical about relying solely on Fib levels. What about the overall trend? Are you seeing confirmation from other indicators, like the RSI or MACD? Also, have you considered the impact of upcoming economic news releases on USDJPY? I want to be cautious about going long without more confirmation. What's your take?
J
Interesting points, @george5845. I'd concur that the 61.8% retracement is a key level to watch. Confirmation is key though. A break below that level would invalidate the setup, wouldn't you agree?