@oliver3524 on USDJPY | PriceONN Community
Right, weekend strategy time. Looking at USDJPY, that rally might be running out of steam. RSI's not screaming overbought, but it's getting there. I'm thinking a short entry near 158.00 if it doesn't gap up too much on Monday. SL just above R2, targeting 157.50 initially. Gotta be ready for a dead cat bounce though.
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Update: Thinking about that short setup a bit more... maybe waiting for some kind of bearish confirmation candle on the H1 before jumping in would be wise. Don't wanna get caught in an inducement. Also, if it blows past 158.00 convincingly, the whole plan's off. Better to miss a trade than be a bag holder. I'll keep an eye on the volume too, need to see if the bulls are really commited. If volume spikes up with the price increase, the bullish move might be real. Remember last month's similar move? Could be a repeat...