USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
Waveforms of each time leg
Weekly

Downtrend.
Within the range between the recent low and the last swing high, an uptrend has formed on the lower time frames.
The price once rose to the last swing high line but failed to break above it and rebounded.
The outlook remains bearish until the last swing high line is clearly broken to the upside.
Daily

Uptrend.
After falling to around the last swing low line, a range has formed on the lower time frames.
The outlook remains bullish until the last swing low line is clearly broken to the downside.
4-Hour

The candlestick bodies have broken above the starting line of the sharp drop, shifting the outlook to bullish.
If this is considered the first upward wave, the market is now in the second corrective wave, and the question is whether the third wave will extend afterward.

The 21-period moving average on the 4-hour chart has been respected, with the price bouncing once and then approaching the average line again.
1-Hour

On the 1-hour chart, the market can be seen as either bullish or bearish.
Attention is on whether the price will bounce upward again at the middle line in the image above, or break below that line.
Trade Strategies
Today is the release day for U.S. economic indicators.
For details, refer to the Economic Calendar on TradingView.
Note: Make sure to adjust for each country’s time zone.

Since the middle line in the image above is currently acting as the lower boundary of the range, I will watch for price action and chart patterns at that line and look for a long entry.

If the price breaks below the middle line in the image above, I will look for a short entry in the short term.
However, if volatility is low, there is a high possibility of a false breakout, so caution is needed.