GBPJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
No new highs, forming a triangle consolidation with higher lows.
Daily
A downtrend was present within the daily channel, but price slightly broke above the last pullback high.
4-Hour
Broke below the starting point of the previous high.
Since it failed to break the previous high, selling pressure seems strong.
1-Hour
Major decline, possibly entering a correction phase.
Could either continue down to the next low or start a correction.
Trade Strategies
Strategy①
Aim for selling on the retracement after the correction.
Confirm price action at horizontal support/resistance, and watch for chart patterns and trend reversals on lower timeframes.
Strategy②
If price continues down to the next low, consider a contrarian long where horizontal lines and trendlines overlap.
Confirm that the horizontal support is valid before entry.
