EURJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The price is currently rising toward a resistance line that may also be significant on the weekly chart.
Daily
The overall trend is upward, but the price is currently capped and moving sideways.
4-Hour
The overall trend is upward.
Since the price is rebounding from an unclear level, there is a possibility it may drop to around the lower boundary of the ascending channel.
1-Hour
Uptrend.
The recent high line is currently acting as resistance, capping the upward movement.
Trade Strategies
If the resistance line is broken to the upside, I will look for a pullback buy.
Alternatively, I will check the price action near the lower boundary of the range on the lower timeframes or around the lower boundary of the ascending channel on the 1-hour chart to aim for a pullback buy.
If the bearish momentum on the lower timeframes is strong and the price breaks below the 1-hour channel’s lower boundary, I will aim for a short-term short.
Currency Strength
【EURUSD】4H
EUR>USD
【GBPUSD】4H
GBP>USD
【USDJPY】4H
USD=JPY
【EURJPY】4H
EUR>JPY
【GBPJPY】4H
GBP>JPY
【EURGBP】4H
EUR>GBP
USD=JPY<GBP<EUR
