GBPJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
Whether the trend has switched to downtrend or continues upward depends on where the last higher low is identified.
Currently, the market lacks a clear direction.
Daily
From the larger perspective, price is near the upper boundary of a downtrend channel.
However, the previous high has been slightly broken.
Also, since price is testing upward again instead of dropping straightforwardly, buying pressure seems strong.
4-Hour
Recently, a downtrend with lower highs and lower lows occurred, but the last higher low has not been broken.
Moreover, the recent downtrend’s pullback high has been broken, so the bias is upwards.
1-Hour
Uptrend.
Price is currently rising toward the previous high on the 4-hour chart.
Trade Strategies
Strategy①
Target the 4-hour uptrend’s wave 3.
Watch for trend reversal on lower timeframes, aiming for wave 3 after wave 2 ends.
Strategy②
If the previous high on the 4-hour chart is broken and confirmed, go long on short timeframes toward the daily chart’s significant price level.
Strategy③
If the last higher low on the 1-hour chart is clearly broken, consider a short targeting wave 3 down.
