USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend.
The price once retraced to the last lower high line but bounced back down again.
Until the last lower high line is clearly broken to the upside, the weekly outlook remains bearish.
Daily
Uptrend.
After retracing to the last higher low line, the market has been ranging.
Until the last higher low line is clearly broken to the downside, the outlook remains bullish.
4-Hour
The price is moving without a clear direction, but since the candlestick bodies have not broken below the last higher low line, I currently view the outlook as bullish.
The week started with a gap of about 70 pips.
1-Hour
The candlestick bodies have broken above the starting line of the recent sharp drop caused by the U.S. employment report, shifting the outlook to bullish.
However, since the market opened with a large gap, the future movement is unpredictable.
Trade Strategies
If it can be confirmed that the trend reversal line is functioning as support, I will look for a pullback buy on the short-term chart.
If the trend reversal line does not function as support, I will look for a short position, expecting the gap to be filled.
