USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
Waveforms of each time leg
Weekly
The uptrend continued, but did not renew the highest high and the last push low, forming a triangle.
Currently in a three-point rebound at the lower limit of the triangle.
Daily
Since the last return high has not been exceeded, the current wave is on the downside.
The current wave could be the third wave of an uptrend.
Whether the forces moving from the lower to the upper limit of the triangle at the weekly level will form an uptrend at the daily level.
4-hour
We are now slightly below the last push low, so we are not sure if this will be the first wave down.
If it is the first wave, we are now in the second wave of adjustment, and the return move to the trend line has been completed with a return to around half of the first wave.
However, since the first wave has not broken cleanly below, the possibility of deception should be considered.
Buying forces on the top leg and selling forces on the 4-hour leg may collide and cause a loss of direction.
Hourly
The uptrend is continuing after the last return high.
The push was shallow and went straight up.
Trade Strategies
Strategy①
Go for 3 waves down on the 4-hourly.
Consider going short after confirming that the trend has switched from up to down on the hourly.
A modest gain may be safe.
Strategy②
Forward long against the hourly.
Consider going long at the previous high on the hourly and the last push low if it breaks out of it.
The risk-reward ratio will fall, but enter after a trend change from down to up on the short term leg.
Strategy③
A reverse short against the hourly.
A sharp rise brought us to the current rate and we will eat into that price range.
Jump in and go short when the last 5-minute push low is confirmed down.
Strategy④
Once the current rebound line is confirmed above the line on the 1-hour time frame, go long on the short term time frame until the next line that is conscious.
