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.
After rebounding from the lower boundary of the range, the price has continued to rise, made a minor correction, and is now climbing again.
4-Hour
The market is in an uptrend.
Each price wave is small, making it difficult to clearly identify the last swing low.
It’s a market where pullback buying is preferred, but the price is now approaching a level where selling pressure is likely to emerge.
1-Hour
The market is in an uptrend.
At the recent high, upward momentum has slightly weakened, forming a small double top.
Attention should be paid to how far this correction will extend and where buying pressure may re-enter the market.
Alternatively, if selling strength increases, there is also the possibility of a trend reversal into a downtrend.
Trade Strategies
Look to enter a long position after the price pulls back near the origin of the most recent high on the 1-hour chart.
Wait for the price to pull back near the potential swing low on the 4-hour chart before considering a long entry.
Also, pay close attention to the price action around the 21-period moving average on the 4-hour timeframe.
If the price breaks above the prominent high on the 4-hour chart, look for pullback buying opportunities on the lower timeframes, targeting the key horizontal level on the daily chart.
However, if the price breaks below the 4-hour swing low, the long strategy should be invalidated, and the outlook should shift to short.
