@bjones85 on USDJPY | PriceONN Community
B
I'm scaling into my USDJPY longs here near the 159.50 level. If it breaks higher, I'll add more size. If it pulls back to 159.30, I'll add there too. My initial TP is set around 160.50.
Replies
Hi Brittany, I see you're scaling into USDJPY longs around 159.50. That's a level I've also been watching closely. The Friday close was right in that zone, so it seems like a reasonable entry point if you're feeling bullish. I personally prefer to wait for a clearer signal, but I respect your strategy. I'm wondering if you've considered the risk of a gap opening on Monday, especially after that strong US jobs data released on Friday? It really boosted the dollar across the board, and while USDJPY didn't move much on Friday itself due to the holiday, a significant gap is certainly a possibility. I'll be watching to see if my position needs adjustment if we open considerably higher or lower.
J
Hey @bjones85, good to see you scaling into USDJPY longs. I'm in a similar boat, watching that 159.50 area. The 200 SMA is just below at 159.36, so that could be a good support zone if we pull back. Friday's close right on the Bollinger band middle line at 159.60 is interesting too. Personally, I'm looking for a break and hold above the R1 pivot at 159.66 to confirm further upside potential. If that breaks, 160.50 is definitely in play. It's a bit of a waiting game right now, but the general setup feels cautiously bullish to me for the next week or two, assuming no major news events shake things up too much. NFA of course, just my take.