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.
The price is currently being capped at the recent high and is rebounding.
4-Hour
Uptrend.
The price is currently being capped at the daily high and is rebounding downward.
1-Hour
After moving sideways, the price broke below the lower boundary of the range and started to decline, which appears to be the second wave of a downtrend.
However, there’s resistance on the 4-hour chart, so it’s uncertain whether the decline will continue smoothly.
Trade Strategies
Aim for short positions in line with the downward movement on the 1-hour chart.
If the price breaks above the 1-hour resistance line, aim for a long 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
GBP<JPY<EUR<USD
