USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
The price is moving within a symmetrical triangle.
It reached the upper boundary of the triangle, but last week ended without the weekly candle body breaking above the swing high.
Daily
Uptrend.
The price broke above the previous high at the 150.8 yen level but then declined near the upper boundary of the weekly triangle.
It has now fallen back to around the previous high line.
4-Hour
Uptrend.
The price rose significantly without making a major pullback and is now entering a larger correction phase.
There is also a possibility that a downtrend could begin from here.
1-Hour
The support line has been broken to the downside.
Since the week started with a gap, selling pressure may temporarily increase as the market attempts to fill the gap.
Trade Strategies
Watching the price action on the lower timeframe and looking to enter a short from the current price level.
If the price rises once, wait for it to approach the previous support line, confirm that it functions as resistance, and then look for a short entry.
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
GBP<JPY<EUR<USD
