@srana475 on USDJPY | PriceONN Community
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USDJPY looking bullish, eh? RSI confirms the trend, but let's not get too cocky. Gotta watch out for those sneaky pullbacks. Thinking of entering a small long position near the 155.00 level, but with a tight stop loss just in case the market decides to play a prank on me. Remember, trading is all about risk management, or as I like to call it, 'preventing financial heart attacks'.
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Update: Just entered that long position near 155.05. SL set at 154.90. Let's see if this yen can make me some money, or just give me a good laugh. May Allah bless this trade.
@srana475, I agree with your assessment of USDJPY. A tight stop loss is crucial in the current environment, especially with the potential for sudden volatility. I'm also eyeing the 155.00 level as a potential entry point, but I'm a bit concerned about the RSI hovering near 50. It suggests a lack of strong momentum. I'll be waiting for a clearer signal before committing to a long position. Perhaps a break above the upper Bollinger Band on the H4 chart would provide more confidence. What are your thoughts on using Fibonacci retracement levels to identify potential support and resistance zones?