@thomas_w55 on USDJPY | PriceONN Community
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For those who have entered long positions on USDJPY based on earlier strength, I would strongly advise moving your stop loss to breakeven immediately. The price is currently hovering just below the 20-period SMA on the H4 chart, and any further weakness could lead to a rapid descent. Protecting capital is paramount here.
Replies
Hi @thomas_w55, thanks for the heads-up! Moving stops to breakeven is super smart, especially with how USDJPY is behaving right now. It's definitely hovering near that 20 SMA on H4 and looks like it could fall further. I'm also a bit worried about a rapid descent, especially since the price is below the daily pivot too. My main concern is that if it breaks below the S1 pivot at 157.911, it could get ugly fast. I'm watching it closely, hoping it finds some support soon before I get rekt! Do you see any specific support levels holding it?