USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Monthly
Uptrend.
Is it where the third wave has ended and we are in an adjustment?
Weekly
Uptrend.
Supported by the last push low and forming a triangle with lower highs.
It is now up to see if it will rise to the upper limit of the triangle or break below it.
The recent long upper shadow line indicates that selling forces are also quite strong.
Daily
Downtrend.
The price has moved down to weekly support, with resistance near the low above the previous low, and then down again from there.
Buying forces on the weekly and selling forces on the daily are colliding, so there is a possibility of a range.
4-hour
The market has no easy-to-understand push lows, and people have different eyes on the market.
The first wave of a major downtrend has occurred and a second wave of adjustment is being formed, or a third wave of downward movement may have already begun.
Possibility that the most recent wave was seen as an uptrend wave 1 and is now forming an adjustment wave 2, with an uptrend wave 3 about to begin.
The most recent small uptrend push low has been broken and we see it as a downside 1 wave, and a price or horizontal axis adjustment may now begin.
Will it be range bound?
Hourly
The upward wave has been broken and is in a downtrend.
The highs and lows have not yet devalued, so it is not a downtrend.
The end point of one wave has become support and is currently going to put on an adjustment.
Trade Strategies
Strategy①
Currently, we are looking at the daily, 4-hour and 1-hour time frames on the downside, so we will aim to go short.
We are not sure how far it will adjust, but we will consider going short by pulling back to the upper limit of the 1-hour range.
Aim for a breakdown of the trend on the 5-minute time frame.
Strategy②
If we break below current support, jump on the price action and go short.
We will aim for the left sharp rise near the halfway point, next to the recent low.
