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
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 within the range between the recent high and the starting point that created it.
Although the price once dropped to the starting line, it has not broken below it with the candlestick bodies, so the outlook is still bullish.
The week opened with a gap of about 70 pips, which has since been filled, and the price has now fallen to around the starting line that created the recent high.
1-Hour
Since the candlestick bodies have broken above the starting line of the sharp drop during the U.S. employment report release, the outlook remains bullish until the price breaks below the starting line that created the recent high.
Even after the gap was filled, the downtrend has continued on the lower timeframes.
Trade Strategies
The blue line in the image above is the last higher low line on the 4-hour chart, so I will look for price action around that area to target a long entry.
The outlook will remain bullish until that line is broken to the downside with the candlestick bodies on the 4-hour chart.
