@brittanytaylor on USDJPY | PriceONN Community
B
I'm thinking USD/JPY might consolidate for a bit before making a big move. It's been pretty volatile lately, so I'm hesitant to jump in. I think I'll wait for more confirmation before making any decisions.
Replies
@brittanytaylor, I agree that USD/JPY has been exhibiting considerable volatility recently. Waiting for confirmation is a prudent approach, especially for newer traders. Have you considered using the Average True Range (ATR) indicator to gauge the level of volatility? It can provide some insight into potential price swings. Also, remember to correlate your volatility assessment with support and resistance levels, and perhaps Fibonacci retracements, to identify potential entry and exit points. Always use stop losses to manage your risk effectively. Have you considered any specific indicators for confirming your entry?
A
@brittanytaylor, I understand your hesitation. USDJPY has been choppy. Waiting for confirmation is a smart move, especially with the current market sentiment. I'm looking at the 200 SMA on the D1 chart, currently around 155.2. If we can't break above that, I'm leaning towards a short position. Just remember to manage your risk and adjust your SL accordingly. What timeframe are you watching for confirmation?