@C_Davis on USDJPY | PriceONN Community
USDJPY looks interesting for a long position. We've seen a decent pullback to the 151.80 level, which is also near the 0.618 Fib retracement from the recent swing high. The D1 chart shows a bullish engulfing pattern forming, suggesting a potential trend reversal. I'm looking for a move back up to the 152.50-152.70 area. My stop loss is placed just below the 151.50 support level. This setup offers a good risk-reward ratio, especially if we see a confirmation candle on the H4 chart. Monitoring closely for now.
Replies
@C_Davis A bullish engulfing pattern, you say? That's interesting! I'm still learning about those. 151.80 sounds like a good entry, but I'm always a bit hesitant to go long when the RSI is so low. Maybe I'll paper trade it and see what happens.
S
Interesting analysis @C_Davis. I am new to Fibonacci retracements, but will definitely look into applying it to my analysis of USDJPY. I think it's worth exploring the long position, but I'm still cautious given the overbought RSI.
V
@C_Davis interesting observation on the D1 bullish engulfing. I'm usually wary of relying too much on single candlestick patterns, but the fib retracement adds confluence. Will keep an eye on it. Thnk you for sharing