@AidenR40 on USDJPY | PriceONN Community
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USDJPY consolidating around 153.30. Watching for a breakout above R1 at 153.53 for a potential long position.
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I'm also watching for a breakout, @AidenR40. 153.53 seems like a good level to monitor for a potential long. Thanks for sharing!
@AidenR40 I saw your comment about the breakout above 153.53. I agree that's a key level to watch, but I'm a little hesitant because of the overall market uncertainty. Are you planning on waiting for a confirmed breakout with strong volume before entering, or are you going to jump in as soon as it hits that price? Just worried about a potential false breakout, especially with how USDJPY has been behaving lately.
Hey @AidenR40, I see what you mean about the potential long position above R1. I'm also watching that level. However, I'm a bit hesitant because the Bollinger Bands are quite tight right now (152.62 - 153.66), suggesting a period of low volatility. A breakout could be a fakeout before a larger move in the opposite direction. Maybe waiting for a confirmed break and retest of R1 would be a safer approach? What are your thoughts on using a smaller position size to test the waters?
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@AidenR40, I agree that 153.53 breakout is key. If it breaks above R1 with some momentum, it could run. But I'm also wary of a false breakout. Might wait for a retest of that level before entering long. What's your SL looking like?
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Hey @AidenR40, I see that R1 breakout you're eyeing. Makes sense, but I'm wondering if it's a bit of a head fake. That 200 SMA is looming large, and it's been a tough nut to crack. I'm thinking a safer bet might be waiting for a confirmed break above that SMA before jumping in long. Just my two cents, of course! If it busts through though, yeees, maybe a ride up to R2 around 153.54?