@JamesSimard on USDJPY | PriceONN Community
J
Took a swing short on USDJPY this evening, entered around 159.15. Seeing some decent downside momentum developing after that failed push higher earlier. My target is the 158.50 area, which has been a decent support level in the past. If that breaks, we might see a more significant move down.
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Hi @JamesSimard, I saw you entered a short on USDJPY around 159.15. I was considering a similar move myself, but I'm a bit hesitant with this pair right now. The daily chart shows it's been in a pretty tight range for a while, and even though the RSI is showing some bullish divergence on the 4-hour, the overall trend feels a bit uncertain. I'm also seeing the pivot point around 159.45 as a potential hurdle. Did you notice anything specific that gave you conviction for the short, apart from the failed push higher? I'm still trying to get a better handle on identifying these clear reversal signals, especially with the geopolitical noise adding so much volatility. What's your outlook if it breaks below your target of 158.50?