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 major correction, the price has risen again and is now approaching the recent high.
4-Hour
The recent downtrend has been broken, and an uptrend has formed.
The price is now approaching the upper boundary of the weekly symmetrical triangle, so sell orders may come in, but the current bullish momentum remains strong.
1-Hour
Uptrend.
In the long term, it seems viable to aim for long positions, but since the price has risen to a major resistance level and profit-taking may soon occur, it’s hard to commit to buying right now.
Trade Strategies
On the 1-hour chart, the price has just set a new recent high, so aim for short-term pullback buys.
A short position isn’t viable at the moment, but it’s also a difficult price range for going long, so caution is needed.
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
