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 has rebounded near the lower end of the range and is now rising again, aiming for the upper boundary of the range.
4-Hour
The uptrend is continuing, and the recent high is being surpassed.
There is a high probability that the price will rise toward the previous high level.
1-Hour
The market is in an uptrend, but the recent high is showing slight resistance, with upward momentum currently being capped.
Trade Strategies
Ideally, it’s best to wait for a larger pullback.
Look to buy on a pullback near the last swing low on the 4-hour chart or around the moving average.
However, since many traders are likely holding long positions, there’s a strong chance they will maintain them up to the previous high, so the price may continue rising without a significant pullback.
If the price pulls back and forms a double bottom, consider watching the price action closely to enter a long position from the bottom.
If the recent high is broken, look for pullback buying opportunities on the lower timeframes to plan an entry.
