USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend, now in 5th wave.
Will it drop to its lowest point or will it reverse directly to the upside?
Daily
Uptrend.
The price fell to the starting point where the highest price was made, rebounded, and is rebounding again at that line.
A break below the daily line could lead to a decline to the weekly low.
If the upward momentum of the lower leg is strong, it may rise to the recent daily high.
4-hour
downtrend.
It has risen to the starting point where the most recent low was made and has fallen back down to near the re-low.
Counting by Elliott, this is the 5th wave, so it may turn up soon.
Hourly
The wave of upward movement was broken by a big drop.
The release of the indicators last night had a major impact on the decline.
Trade Strategies
Strategy①
Long 4-hour and 1-hour reverse.
Eating last night’s big drop.
The market is forming a range on the 5-minute time frame, so go long by pulling back to the lower limit as much as possible.
If it looks like it will break out lower, cut your losses immediately.
Strategy②
If the short term range goes straight through, wait for a push and go long.
Strategy③
If it goes through the lower limit of the range, jump in and go short until near the 4-hour horizontal line.
Strategy④
4-hour and 1-hour forward, jump in and short at the upper end of the 5-minute range.
