USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend.
It is unclear whether the 5th wave of the downtrend will continue falling to the end of the 3rd wave or if the price will start reversing upward from here.
There is some indecision among market participants, and volatility may squeeze into a triangular consolidation pattern on lower timeframes.
There is a slightly stronger impression of bullish expectations.
Daily
An uptrend is in place, and a triple bottom pattern has formed around the starting level of the recent highest high.
Price is trading near the lower half of the 148.5 to 142.3 range.
I had the impression that the structural buying pressure was strong, but the market still isn’t rising as smoothly as expected.
4-Hour
Uptrend.
The strongly recognized resistance line at 145.100 yen was broken to the upside with a candlestick body,
and the market is currently undergoing a correction.
1-Hour
Uptrend.
The previous high is now acting as support, and although it has been briefly broken by candlestick wicks, it is rebounding.
Trade Strategies
Strategy①
Considering long positions around each potential support level.
However, if the trend shifts downward on the 1-hour chart, it may become a bit more difficult to trade.
Even if the trend shifts downward on the 1-hour chart, long positions may be considered if a chart pattern like a double bottom forms.
Strategy②
It may not happen today, but if the last swing low on the 4-hour chart is broken to the downside, a short entry will be considered.
