USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend.
Within the range between the recent low and the last swing high, an uptrend has formed on the lower time frames.
The price once rose to the last swing high line but failed to break above it and rebounded.
The outlook remains bearish until the last swing high line is clearly broken to the upside.
Daily
Uptrend.
After falling to around the last swing low line, a range has formed on the lower time frames.
The outlook remains bullish until the last swing low line is clearly broken to the downside.
4-Hour
A downward Wave 1 has formed, breaking the uptrend, and the price is moving between the starting and ending points of Wave 1.
The outlook remains bearish until the starting line of Wave 1 is clearly broken to the upside.
The downward Wave 3 has not yet fully extended and rebounded around the end of Wave 1.
There is still room for further downside, but there is also a possibility that the price may continue rising from here.
1-Hour
A sharp drop occurred, and the price is moving within the range between its starting and ending points.
The outlook remains bearish until the starting line of the sharp drop is clearly broken to the upside.
Trade Strategies
On the 4-hour and 1-hour charts, the outlook is bearish.
I will look for selling opportunities on pullbacks.
If the price rises again to the resistance line that is being recognized on the short-term chart, I will consider selling.
There is a possibility that the market will move in a range or form a triangle consolidation.
