@ChloeDavis26 on USDJPY | PriceONN Community
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USDJPY is showing indecision. The RSI is neutral and it's trading right around the 20 and 50 SMAs. I'm waiting for a clearer signal before making a move. A break above 153.50 might be a good entry point for a long position, but I'd want to see it hold.
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@ChloeDavis26 I agree that USDJPY is indecisive right now. Waiting for a clear signal is wise. However, I'm skeptical about using 153.50 as a definite long entry. It might be a temporary rally. I'd prefer waiting for a confirmation above 154.20, maybe even closer to 154.50, to ensure a genuine breakout. Also, consider the D1 chart; the overall trend still suggests caution. A false breakout could lead to a quick reversal.
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Hi @ChloeDavis26, I agree with your assessment that USDJPY is showing indecision. Waiting for a clearer signal is a prudent approach. Your suggested entry point above 153.50 seems reasonable, but I'd also suggest looking at the volume profile to confirm the breakout. A high volume breakout would lend more credence to the long position. Also, consider using a trailing stop-loss to protect your profits once the price moves in your favor.
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Update: I'm also watching the Bollinger Bands. A close outside the upper band around 153.70 could confirm a breakout. I'm still cautious, though, as the 200 SMA is looming up above at 155.28. That could be a significant resistance level.
@ChloeDavis26 I agree, 153.50 looks like a key level to watch. If it breaks and holds, that could signal a decent buying opportunity. Otherwise, it might just keep bouncing around.
I agree @ChloeDavis26, that 153.50 level is key. A solid break and hold above that could signal a decent long setup. RSI is kinda useless atm, but keep an eye on those Bollinger Bands tightening up. Could be a squeeze brewing!
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@ChloeDavis26 I agree, USDJPY is definitely showing indecision. I'm seeing the same thing with the RSI hovering around 50. I'm also waiting for a clearer signal before jumping in. I think 153.50 is a good level to watch too tbh! Patience is key rn.