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
Monthly
Uptrend.
Rebounding and rising at the last push low.
The situation is once again down to the support line.
Weekly
The most recent downtrend.
The price did not break above the last return high and has rebounded back down in front of it.
The price has rebounded well above the previous low.
Daily
Uptrend.
The last push low was support and once it rallied, it has fallen back down to that level again.
4-hour
Downtrend.
The downtrend has broken below the starting point that made the recent highs and cut the highs and lows.
The price has rebounded at the daily support line and is now making a return toward the area of the previous low.
Hourly
The last push low of the downtrend was broken above.
The price may rise to near the previous 4-hour low.
Trade Strategies
Strategy①
Targeting the previous low of 4 hours and pushing at the 5 minute mark.
Currently in an uptrend, forming a sort of double bottom at the push.
It is putting a return on the neckline, so go long on price action.
Risk reward is above 1, but a bit low.
Also, the bottom of the double bottom is not currently the last push low of the uptrend, so it may rise after hunting it.
Strategy②
Almost the same as strategy 1.
Go long after attracting to the lower end of the 5-minute range.
Postscript Trade Strategies
Strategy①
Long on a possible trend reversal on the short term as an inverted triplet may form on the 1-hour leg.
Against the 4-hourly, the objective is to reverse and take out the downward 4-wave adjustment, so the gain is up to around the previous low of the 4-hourly.
Strategy②
If it falls to the daily support line, go long near there to confirm a short-term trend reversal.
Strategy③
Wait until the price area that is likely to become resistance before initiating a short.
However, since the current daily price has switched to the upside and the hourly price has also switched from lower to higher, the 4-hourly price may also switch to the upside if the upward momentum continues to be strong.
