USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
I use “XMTRADING” as my trading tool.
It is my personal most trusted trading account and is used by many professional traders.
I use “TradingView” as my analysis tool.
Registering an account gives you access to many features for free.
Waveforms of each time leg
Weekly
Downtrend.
The fifth wave of the Elliott Wave downtrend may have ended, signaling a possible reversal, or the fourth wave correction may still be ongoing, with the fifth wave yet to begin.
The weekly chart makes it difficult to grasp the overall direction.
Daily
From a bullish perspective, a range has formed between ¥142.3 and ¥148.5.
Although the price once climbed near the top of the range, it was sharply pushed back by a candlestick wick.
Selling pressure appears to be stronger at the moment.
However, since the price has dropped to the lower end of the range, there is a possibility that buying pressure will start to increase.
4-Hour
Downtrend.
The price rose to around the origin of the most recent low, then started to fall.
This move may be the fifth wave of the downtrend, or the correction may still be ongoing.
1-Hour
The trend has shifted from a downtrend to an uptrend.
The market is currently correcting down to the origin of the most recent high.
There was an economic indicator announcement yesterday.
As a result, the market became temporarily volatile.
Trade Strategies
If the trend shifts on the 1-hour chart, consider a short entry after waiting for the subsequent correction.
Price action needs to be carefully observed.
If the price rises again, consider a short entry up to the last lower high on the 4-hour chart.
If the trend shifts upward on the 4-hour chart, this strategy will be scrapped.
