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
Uptrend.
The price has risen to the recent high.
It may either decline due to the strong resistance on the weekly chart or continue rising.
1-Hour
The uptrend is continuing.
It seems the upside is starting to feel heavy.
Trade Strategies
If the price breaks above the 4-hour resistance line, look to go long.
However, be cautious, as there’s a high chance of a fake-out until the daily candlestick closes.
Watch the price action, and if the upside is being capped, aim for a short position.
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<GBP<EUR<USD
