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
Downtrend.
Price has been moving within a range between approximately 152.00 and 140.00, and is currently in the upper 143 yen area.
Since the 5th wave of the downtrend is not extending smoothly, there appears to be growing bullish sentiment and expectations for a reversal.
Daily
Uptrend.
Price is ranging between 148.50 and 142.30.
A double bottom has formed at the last swing low. Although the slanted neckline was slightly broken, the price eventually got pushed back down.
4-hour
Uptrend.
After reaching the most recent high, the price pulled back, attempted to break higher again, but was sharply rejected with a long upper wick.
At 9:30 PM last night, U.S. economic data was released, which led to dollar-selling pressure.
Hourly
Downtrend.
The price broke below a key horizontal level from the 4-hour chart with a strong bearish candle, initiating a downtrend.
The next potential support level appears to be around 143.50 yen.
Trade Strategies
Strategy①
Follow the 1-hour downtrend and consider short positions targeting the next potential support zone.
Wait for a pullback on lower timeframes to identify better entry points.
Strategy②
Since the daily and 4-hour charts remain in an uptrend, look to buy on dips as long as price stays above the 142.50 support zone.
Pay close attention to price action around potential support areas.
