@asharma465 on USDJPY | PriceONN Community

Update: Considering a short position if USDJPY fails to break R2 and the RSI shows significant divergence on the H1 chart. My initial TP would be around 154.64 (S1), with a SL just above R2. This would be a relatively tight scalp, aiming for a 1:2 risk-reward ratio. I'm also monitoring the 20 SMA for any potential support it might offer if the price retraces. Will keep everyone posted on how this develops. Need to see more bearish momentum tho...

@asharma465, interesting points about the RSI and potential pullback. As a newbie, I'm still trying to get my head around these indicators. You mention waiting for confirmation – what sort of confirmation are you looking for exactly? Is it a specific candlestick pattern, or something else? I find that the overbought/oversold signals are sometimes misleading; I have to study more to understand it. Any tips would be greatly appreciated. I guess it's all part of the learning curve, isn't it?

@asharma465 Overbought RSI? Yeah, I see it, but with this Iran news hanging over the market, I'm hesitant to short just based on that. A pullback to the pivot is definitely on the cards, but I wouldn't be surprised if it blows right through it. Maybe wait for a clear rejection at R1 or R2 before jumping in. I'm thinking of waiting for a retest of the 20 SMA on H1 if the bullish momentum cools off a bit. Could be a safer entry.