USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
The price is moving within a symmetrical triangle.
The upper boundary of the triangle is currently acting as resistance.
Daily
Uptrend.
Currently undergoing a larger correction, and the question is whether it will start rising again from here.
4-Hour
A downtrend is currently forming with lower highs and lower lows.
The lower channel line and the previously respected level are acting as support, and the price is now rising toward the upper boundary of the descending channel.
1-Hour
On the 1-hour chart, higher highs and higher lows are forming, indicating an uptrend.
Since the price is near the upper boundary of the channel, there’s a high possibility of temporary selling.
Trade Strategies
Aim for a pullback buy on the lower timeframes.
It’s not a clean channel, so it’s unclear whether it will be respected, but consider buying the dip after observing the price action at the lower boundary of the channel.
Consider a short position after observing the price action.
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
USD<EUR=GBP<JPY
