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 origin of the most recent low has not yet been broken to the upside, so the downtrend is still intact for now.
Currently, the market is moving sideways on the lower timeframes.
Daily
Since the origin of the most recent high has not been broken to the downside, the outlook remains bullish.
A range has formed between 142.3 yen and 148.5 yen.
At present, the price has risen toward the upper boundary of the range.
4-Hour
The outlook briefly shifted downward from the uptrend, but no downtrend materialized, and the price resumed its climb, breaking the recent high.
Currently, the market has risen to a level near a notable resistance line.
1-Hour
The market is currently in a correction phase within an uptrend.
The week began with a gap up, which was filled, followed by a downward move.
Trade Strategies
As long as the outlook hasn’t shifted downward on the 1-hour chart, buy orders carry a higher probability.
Ideally, wait for the price to pull back near the lower boundary of the range, then watch the price action closely to consider a long entry.
If the outlook shifts downward on the 1-hour chart, look for short entry opportunities on the lower timeframes.
At the upper boundary of the 1-hour range, the market may form a double top, or it could break out to the upside.
At the current price level, short entries are not favorable. If the price breaks above, look for pullback buying opportunities on the lower timeframes.
