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.
The upper boundary of the triangle is currently acting as resistance.
Daily
Uptrend.
After a significant pullback, the price has started rising again.
4-Hour
After breaking above the upper boundary of the descending channel, the price has formed higher highs and higher lows, creating an uptrend.
It’s still rising, but if this is counted as the 5th wave, some caution is needed.
1-Hour
Uptrend.
I was aiming for a pullback buy at the end of the first wave of the ascending channel, but the price didn’t drop that far and has risen again after a sideways consolidation.
Trade Strategies
A long position can’t be taken from the current price, so wait for it to break above the price level likely to be respected on the 4-hour chart, then aim for a pullback buy.
On the 1-hour chart, aim for a pullback buy once a pullback occurs.
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
JPY=EUR=GBP<USD
