USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
A large symmetrical triangle is forming.
The price has currently bounced off the lower boundary and appears to be rising toward the upper boundary of the triangle.
Daily
Uptrend.
Currently, sideways consolidation is continuing, and the price is approaching the lower boundary of the channel.
4-Hour
From a broader perspective, the market is in a range, but recently lower highs and lower lows have formed, creating a downtrend.
Currently, the price is near the upper boundary of the descending channel.
It also seems that the 21-period moving average is being respected.
1-Hour
The price has broken above the starting line of the sharp drop, and that line is now functioning as support.
If the support line is broken to the downside, I expect a decline toward around the halfway point of the first upward wave.
The current sideways consolidation may be the second upward wave, with the possibility of a third upward wave occurring afterward.
Trade Strategies
The overall trend is downward, but in the short term, I will also consider a long entry.
I will target the area around the next potential horizontal level and the upper boundary of the channel.
If the support line is broken to the downside, I will look for a short entry toward around the halfway point of the first wave.
If the downward momentum is strong, I will aim to extend the profit target further.
Currency Strength
【EURUSD】4H
EUR>USD
【GBPUSD】4H
GBP>USD
【USDJPY】4H
USD<JPY
【EURJPY】4H
EUR>JPY
【GBPJPY】4H
GBP=JPY
【EURGBP】4H
EUR>GBP
USD<GBP=JPY<EUR
