USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
It’s a downtrend overall.
Within the range between the recent low and the last swing high, an uptrend is forming on the lower timeframes.
Daily
Uptrend in progress.
The recent high has been broken by the candlestick body, forming a new higher high.
Watching to see if the price can reach the 150 yen level (white line).
4-Hour
The market is in an uptrend.
After breaking the recent high, it appears to have entered a correction phase.
1-Hour
The market is in an uptrend.
The previous high on the 1-hour chart doesn’t seem to be acting as a strong level, and a fairly strong downtrend has formed on the lower timeframes.
However, at this point, I still view it as a mere correction within the overall uptrend on the 1-hour chart.
Trade Strategies
Buy-the-dip at the previous high line on the 4-hour chart.
This area also aligns with the swing low on the 1-hour chart, making it a likely zone for buy orders to come in.
Keep an eye on the price action around the 21-period moving average on the 4-hour chart.
The outlook remains bullish as long as the last swing low on the 4-hour chart isn’t clearly broken.
