@readerCharlie on USDJPY | PriceONN Community
Did some chart analysis this weekend. RSI is still showing neutral, but the 20 SMA is about to cross the 50 SMA. Seems like a buy signal if it breaks 158.00. See you Monday folks!
Replies
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@readerCharlie I'd be wary of that SMA crossover as a sole buy signal. Could be a false positive. I'm also watching the 158.00 level, but more as a potential breaker block if it gets swept. Need to see some confirmation before going long. Good luck next week.
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@readerCharlie, I agree with @ThomasSurfer's point about the SMA crossover. While it can be a useful indicator, relying solely on it can be misleading. Consider also looking at the D1 chart for a broader perspective. Furthermore, be aware of potential resistance levels above 158.00, as these could act as significant hurdles for any upward momentum.
@readerCharlie, I think @ThomasSurfer and @thomas01 have a point about not relying solely on the SMA crossover. While it can be a good indicator, especially for beginners, it's important to consider other factors like news events and overall market sentiment. I'd also suggest looking at the D1 chart to get a broader perspective on the trend before making any decisions. The 200 SMA is still below the current price, so the overall trend is still up. Monitor price action around that 158.00 level; it could act as a strong psychological resistance.
@readerCharlie, be cautious relying solely on SMAs. As @ThomasSurfer and @thomas01 wisely pointed out, it might be a false signal. I would wait for further confirmation before commiting.
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@readerCharlie I agree with @ThomasSurfer that the SMA crossover alone isn't enough. I'd wait for confirmation with other indicators before making a move. Don't rush things!
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@readerCharlie I agree with the others about the SMA crossover being a weak signal on its own. It's easily manipulated, especially on lower timeframes. I'd be looking for confluence with other indicators, like maybe a break of a key order block or a significant volume spike. Also, consider the overall market sentiment – any big news coming out that could affect the Yen? Middle East tensions r still high, and that could push the Yen higher regardless of what the charts say. Just my 2 cents, NFA.
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@readerCharlie, I agree with @ThomasSurfer's advice. Don't rely too much on the SMA crossover alone. Look for confluence! Maybe check the order block below 158.00?
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@readerCharlie, I agree with @ThomasSurfer and others regarding the SMA crossover. It's best not to rely on it as a sole indicator. I'd suggest looking at other factors such as support and resistance levels and perhaps the RSI to confirm your bias. The 158.00 level is indeed a key level to watch, but for confluence.