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.
The price briefly pulled back at the recent high but continued to rise and is now rebounding from the upper boundary of the ascending channel.
4-Hour
Uptrend.
The previously respected resistance line has turned into support, and the price is rebounding again.
1-Hour
The price broke below the lower boundary of the sideways range and declined once, but has since started rising again.
Buying pressure is dominant, but the upside is being capped by the resistance line on the daily chart.
Trade Strategies
Watch the price action around the currently respected price zone and aim for a pullback buy.
If the price breaks below the 4-hour support line, no long positions should be taken.
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<EUR<JPY<USD
