USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend.
It is unclear whether the 5th wave of the downtrend will continue falling to the end of the 3rd wave or if the price will start reversing upward from here.
There is some indecision among market participants, and volatility may squeeze into a triangular consolidation pattern on lower timeframes.
There is a slightly stronger impression of bullish expectations.
Daily
The last swing low of the downtrend has been slightly broken, and with higher highs and higher lows, an uptrend is in place.
Price is trading near the lower half of the 148.5 to 142.3 range.
The slanted neckline of the double bottom is not very reliable but has been clearly broken.
4-Hour
Price was ranging between 142.5 and 145.1 but has finally broken out to the upside.
There is strong bullish sentiment.
1-Hour
Uptrend.
The previous high is acting as resistance, and price is currently in a correction.
Yesterday, the price consolidated in a tight range, but buyers showed dominance.
Trade Strategies
Strategy①
Watch price action near potential support areas and enter long positions.
Also pay attention to the moving averages on the 4-hour chart.
Strategy②
If selling pressure intensifies and price breaks below the 4-hour chart’s swing low, consider short positions.
