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
In the broader picture, the price is moving within a range, but a downtrend can be seen from the range high toward the range low.
The price once attempted to break above the descending channel, but a sharp drop occurred following the U.S. economic data release.
1-Hour
On the 1-hour chart, the price broke below the last higher low line that created the recent high, shifting the outlook to bearish.
The key is whether that line will now function as resistance.
It is also worth watching whether the 21-period moving average on the 1-hour chart will be respected.
Trade Strategies
Since the 4-hour chart is in a downtrend and the outlook on the 1-hour chart has also shifted bearish, I will consider a short entry aiming for the third downward wave on the 1-hour chart.
I will pay close attention to price action around the trend reversal line.
On the 15-minute chart, higher highs and higher lows are forming, indicating an uptrend.
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<JPY<EUR<GBP
