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 recent high on the daily chart is acting as resistance.
It may either be held down and decline from here, or surge upward with strong momentum.
1-Hour
The uptrend has continued, but the upside is being capped, leading to sideways movement.
Trade Strategies
Wait for the price to approach the upper boundary of the range before shorting.
If it breaks below the lower boundary of the range, watch the price action and go short.
If the price breaks above the upper boundary of the range, aim for a pullback buy.
However, be cautious, as it could turn out to be a fake-out on the 1-hour chart.
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
