USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Last week, the price climbed up to the area around the final swing high of the previous downtrend, but was strongly pushed back down—partly due to the impact of the U.S. Non-Farm Payrolls release.
Since that swing high level hasn’t been clearly broken to the upside, the weekly outlook remains bearish.
Daily
Uptrend.
The price has fallen to around the last swing low but has since been consolidating.
It’s unclear whether it will drop further, continue sideways, or turn upward.
The outlook remains bullish unless the last swing low is clearly broken.
4-Hour
Downtrend.
A range is forming between the recent low and the last swing high.
The outlook remains bearish unless the last swing high is clearly broken.
1-Hour
Bias is bearish.
The market is quite choppy.
Trade Strategies
Considering a short entry near the upper limit of the 1-hour range, around the price zone of the last swing high on the 4-hour chart.
If the swing high line on the 4-hour chart is clearly broken to the upside, the short strategy will be abandoned, and the outlook will switch to bullish.
If the price starts to decline from the current level, I will hold off for now.
Since there is the price zone of the last swing low on the daily chart, I cannot take a short entry around that area.
