USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
I use “XMTRADING” as my trading tool.
It is my personal most trusted trading account and is used by many professional traders.
I use “TradingView” as my analysis tool.
Registering an account gives you access to many features for free.
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 in play, but the price has bounced off the support line and risen to around the upper boundary of the channel.
The question is whether it will continue rising in line with the upward movement on the daily chart.
1-Hour
On the 1-hour chart, the price is moving sideways without rising or falling.
If it breaks either direction and it’s not a fake-out, there’s a high chance it will continue moving in that direction.
Trade Strategies
Consider going long only after the price pulls back to the lower boundary of the range.
If it continues to rise from here, aim for a pullback buy after it breaks above the upper boundary of the range.
If it breaks below the lower boundary of the range, aim for a short position.
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
