@samantha1997 on USDJPY | PriceONN Community
I'm considering a small long position on USDJPY, but I'm being very cautious with my position sizing. Given the current RSI reading near 70, it's approaching overbought conditions, so I'll allocate only 0.5% of my capital. A tight stop-loss order just below the S1 pivot at 159.126 is essential to manage risk effectively. This approach allows me to participate in the potential upward trend while minimizing potential losses.
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Hey @samantha1997, I get the caution with the RSI at 70. For USDJPY, especially with the geopolitical stuff heating up, I'm also wary of chasing longs up here. Intervention fears are real too, especially if we push past 160. My plan is to wait for a clearer signal, maybe a pullback to test that 159.10 area you mentioned. If it holds, then I might consider a long, but for now, I'm staying out. Risk management is key with this pair, definitely agree on the tight stop.
Hey @samantha1997, I see you're eyeing a long too but being careful! I get that. That RSI is definitely screaming overbought, and with the news swirling around oil and tensions, I'm a bit hesitant to chase it higher right now. I'm also watching the 159.885 resistance level closely. Maybe a pullback is coming.