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.
A larger correction occurred, and the price is now rising again.
However, there is a possibility that a downtrend may begin afterward.
1-Hour
Lower highs and lower lows have formed, indicating a downtrend.
The line that previously acted as support is now functioning as resistance.
Trade Strategies
Watching the price action at the resistance line and looking for a short entry.
At the moment, there still seems to be a slight bias toward expecting an upward move.
There is also a possibility of a double top forming on the 4-hour chart.
Also keeping the possibility of a long position on the lower timeframe in mind.
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
