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 had been moving within a symmetrical triangle, but it has now broken above the upper boundary, showing strong bullish momentum.
If this isn’t a fake-out, there’s a possibility of further upward movement.
Daily
Uptrend.
The price has rebounded from the resistance line and dropped back to the previous high level.
4-Hour
The upside is heavy, and the price has slightly broken below the lower boundary of the channel.
It could be a fake-out leading to a rebound, or it might continue declining from here.
1-Hour
The price is currently moving almost sideways, with slightly stronger selling pressure.
Trade Strategies
If the price stabilizes, aim for a short-term long position.
Since it’s a countertrend trade against the 1-hour chart, the risk is relatively high.
If a return move occurs, aim for a short position from that point.
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
GBP<EUR<JPY<USD
