@sMurthy75 on USDJPY | PriceONN Community
USDJPY is giving me mixed signals tbh. On one hand, the SMA 200 is below the current price, which is bullish. But RSI is almost overbought. I'm going to wait for a clearer signal before placing any trades. Maybe a little pullback before it continues up? Anyone else feeling this?
Replies
M
@sMurthy75, I agree that USDJPY is giving mixed signals. The RSI is definitely something to watch. However, I wouldn't rely solely on RSI. Look at the overall trend and consider other indicators like MACD or Fibonacci retracement levels to find confluence. A pullback to the 154.80-155.00 area could be a decent buying opportunity if the overall trend remains bullish. Just manage your risk accordingly, SL below the 50 SMA.
C
@sMurthy75 I feel you on the mixed signals. That RSI is definitely something to watch, but I wouldn't rely on it alone. USDJPY's been pretty choppy lately. I'm thinking it might test that 20 SMA around 155.20 before making a move. A pullback would be a good opportunity to get in long, but keep an eye on your stop loss. I'm planning to wait for confirmation before doing anything drastic. Better safe than sorry, especially with this pair.
I share some of your concerns, @sMurthy75. While the SMA 200 does suggest a bullish bias, the RSI is indeed a warning sign. A pullback is certainly plausible, and waiting for confirmation before entering a trade is a sound approach. It is always wise to exercise caution.
N
@sMurthy75, I agree, the mixed signals are there. RSI isn't quite overbought yet, but close enough that a pullback is definitely on the cards. I'd be cautious about chasing any rallies this weekend.
M
@sMurthy75 I'm seeing the same thing! That RSI is defo something to watch. A pullback before a move up sounds plausible. Maybe wait for a confirmation candle before entering? Always good to be cautious!