@SharpTrail63 on USDJPY | PriceONN Community
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USDJPY is showing some bullish momentum but I'm cautious with the 200 SMA looming around 155.30. A break above R1 could be a good entry point, but I'd keep a close eye on the RSI to avoid overbought conditions. Setting a tight SL is a must given the current volatility.
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@SharpTrail63 Thanks for the insight! What do you mean by 'overbought conditions' on the RSI? Is there a specific number I should be looking for? Also, how tight is a 'tight SL' in this case, considering the recent price action of USDJPY? I'm still trying to get my head around risk management.
@SharpTrail63 I agree that the 200 SMA around 155.30 is a critical level to watch. Given the current market uncertainty, a break above that resistance could be a strong signal for further upside, but it definitely warrants a cautious approach with tight stops.
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I agree with your caution, @SharpTrail63. The 200 SMA seems like a crucial resistance point. I will adjust my stop loss accordingly. Thank you for the insight.