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
A large symmetrical triangle is forming.
The price is currently rising from the lower boundary toward the upper boundary of the triangle.
Daily
Uptrend.
The price bounced from the lower boundary of the ascending channel and rose once, but has fallen back down to the channel’s lower boundary again.
4-Hour
Downtrend.
After breaking below the lower boundary of the ascending channel, the price continued to fall while making small pullbacks.
1-Hour
Downtrend.
The price may continue to fall in line with this trend, or, since it is near the lower boundary of the daily channel, buying orders could come in and push it upward.
Trade Strategies
Wait for the price to approach as close as possible to the upper boundary of the current range forming on the lower timeframe before entering a short.
If the downtrend on the 1-hour chart breaks, cut losses and switch to a long position.
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
EUR<USD<GBP<JPY
