USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend.
The price rose to the last swing high line but bounced at that price level.
The bias remains bearish unless the last swing high line is clearly broken to the upside.
Daily
Uptrend.
Recently, after some consolidation, the upward momentum seemed likely to strengthen, but the current market direction has become harder to read.
There is also a possibility of another drop toward the most recent swing low line.
For now, the outlook remains bullish until the most recent swing low line is clearly broken.
4-Hour
The last swing low of the uptrend was broken to the downside with a candlestick close, signaling a shift to a downtrend.
Based on Elliott Wave analysis, the market is likely in the 4th wave of the downtrend.
The outlook remains bearish until the last swing high line is clearly broken to the upside.
1-Hour
Downtrend.
The price has risen to around the origin of the most recent low and has started to decline again.
The outlook remains bearish until the last swing high line is clearly broken to the upside.
Trade Strategies
Consider a short entry if the price returns to around the previous low on the 4-hour chart and near the range high on the 1-hour chart.
If the price continues to decline from here, stand aside.
Even if the range low is broken, avoid shorting due to the support zone just below.
If the range high on the 1-hour chart and the previous low line on the 4-hour chart are broken to the upside, cut the short position and switch to a short-term bullish bias.
Also keep an eye on the 21-period moving average on the 4-hour chart.
