@meeraiyer53 on USDJPY | PriceONN Community
Observing USDJPY this evening, and given the current overbought RSI at 70.6, I am quite hesitant to initiate any new long positions. While some news suggests dollar strength, the technicals here are screaming caution. My strategy typically involves smaller position sizes when the market shows such divergence, perhaps 0.5% of my capital for any scalp, and only if clear confirmation appears.
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Actually, looking closer at the news, about oil prices and inflation might be contributing to the dollar's strength, which could push USDJPY higher despite the RSI. However, the 200 SMA is still quite a distance below current price, suggesting long-term bullishness, but short-term resistance is a concern.