USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
A large symmetrical triangle is forming.
The price is currently rising from the lower boundary toward the upper boundary of the triangle.
Daily
Uptrend.
After a period of sideways consolidation, the price bounced off the lower boundary of the channel and also broke above the upper boundary of the sideways range.
4-Hour
Uptrend.
The third wave has fully extended, and the market is now in a larger corrective phase.
Currently, the price overlaps with the 21-day moving average and also aligns with the previous high line, so price action should be closely watched.
There is a possibility of a correction down to around the lower boundary of the ascending channel or the point where the recent highest high was formed.
1-Hour
Uptrend.
A downtrend is currently forming on the lower timeframe.
Trade Strategies
I will follow the uptrend on the 4-hour chart and look for dip-buying opportunities.
Pay attention to price action and chart patterns around the previous high line and the pullback level where the recent highest high was formed.
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
JPY<GBP<EUR<USD
