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 hasn’t been confirmed yet, but at this point, the price is breaking below the previous high line.
4-Hour
Recently, the downward momentum has been strengthening, and it looks likely that lower highs and lower lows will be confirmed.
A short entry might be possible on the lower timeframe, but on the 4-hour chart, the risk-to-reward ratio would likely be unfavorable.
1-Hour
Downtrend.
I’d like to look for a short entry after a pullback, but there’s a risk it could turn into bottom-picking.
Trade Strategies
If the timing aligns on the lower timeframes, I’ll look for short entries.
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
