USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend.
Currently, the market is in a consolidation phase, possibly before the emergence of the fifth wave of the downtrend.
Daily
Bullish outlook.
A range has formed between 142.3 yen and 148.5 yen.
The price is rebounding and rising near the lower end of the range.
It may continue to climb toward the recent high.
4-Hour
The fifth wave of the uptrend was expected, but the move extended more than anticipated.
The market appears to be rising toward the upper boundary of the daily range without breaking the uptrend.
1-Hour
The upward momentum was strong, and the price rose without forming a pullback, creating a swing similar to that on the 4-hour chart.
Since the resistance line from the previous wave on the left has also been broken, the market appears poised to aim even higher.
Trade Strategies
The market remains in a bullish outlook as long as the last swing low on the 4-hour chart is not broken.
Ideally, it’s best to wait for the price to pull back as close to the lower level as possible before entering.
However, if the price pulls back and the downward momentum is strong, caution is needed, as it may signal the start of a downtrend rather than just a correction.
If the price continues to rise from the current level, consider identifying precise entry points on the lower timeframes for a potential pullback buy.
Since the previous price structure on the left was formed by a sharp drop, there is a possibility that the market may climb without forming any significant pullbacks, gradually retracing that entire move.
