USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
The price had been moving within a symmetrical triangle, but it has now broken above the upper boundary, showing strong bullish momentum.
If this isn’t a fake-out, there’s a possibility of further upward movement.
Daily
Uptrend.
After a major correction, the price has risen again and has broken the recent high with a full candlestick close.
4-Hour
It’s an uptrend, but since the price is near the upper boundary of both the daily and 1-hour channels, the upside is somewhat heavy.
If a longer sideways consolidation or a pullback occurs, buying pressure may strengthen further.
1-Hour
An uptrend has formed, but the price is currently moving sideways.
The price action is limited, showing little sense of direction.
Trade Strategies
Stop-loss orders from buy positions are likely accumulating, so watch the price action and aim for a short position.
Similarly, stop-loss orders from sell positions are likely accumulating, so watch the price action and consider going long.
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
