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 last swing low that led to the recent highest price has not been broken by the candlestick body, so the current outlook remains bullish.
Due to the market turbulence caused by the Powell dismissal rumors, technicals may be slightly less reliable.
1-Hour
There was a sharp rise followed by a sharp drop, creating a somewhat messy market condition.
A range is forming within roughly the same price width as the 4-hour chart.
Trade Strategies
Wait for the price to pull back near the swing low lines on the 4-hour and 1-hour charts before considering a long entry.
Since the price is currently moving in the middle of the range, it’s best to avoid taking any positions for now.
If the price breaks upward from the current range, look to buy the dip with the expectation of a support-resistance flip at the recent high.
Depending on the price action, consider taking a short position on the lower timeframes.
However, be cautious as this would be a complete counter-trend move against the higher timeframes.
