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.
The market is currently in a major correction phase. The previous high did not hold as support, and the price has continued to fall further.
4-Hour
A downtrend has formed as both highs and lows continue to move lower.
However, since the previous resistance line may now act as support, there’s also a possibility that the price could rise again from this level.
1-Hour
Downtrend.
The selling pressure is likely to start weakening soon.
Trade Strategies
If there’s a rebound, aim for a short position in the short term.
Since the target range is narrow, skip the trade if the risk-reward ratio is poor.
There’s a chance that buy orders will start coming in soon, so consider going long after watching the price action.
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
USD<GBP=JPY=EUR
