USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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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
The price had been ranging between 142.3 yen and 148.5 yen, but that range has now been broken to the upside.
With this breakout, buying holds a higher probability in the medium to long term, at least until the final swing high level on the weekly chart is reached.
4-Hour
The market is in an uptrend.
A sharp rise has occurred, breaking through both the previous high on the 4-hour chart and a key horizontal level on the daily chart.
Ideally, wait for a pullback and look for a long entry targeting the next potential resistance level.
1-Hour
The market is in an uptrend.
At the current high, price action is showing some consolidation.
Trade Strategies
Watch the price action around the previous high on the 4-hour chart, the pullback level that led to the most recent high, and the 21-period moving average.
Look to enter a pullback buy if supportive signals appear at these key areas.
A range is forming on the 5-minute chart.
Wait for the price to pull back near the lower end of the range, then aim for a long position up to the recent high.
If price action indicates strong selling pressure, consider jumping into a short position on a break below the 5-minute range low, aiming to capitalize on the recent sharp rise.
However, keep in mind that the 21-period moving average—previously a key level for pullback buying—is nearby, and many traders may be looking to enter long positions around that area.
