USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
A triangle consolidation is forming, and the price is currently moving from the lower boundary toward the upper boundary.
Daily
The overall trend is upward, and recently the market has been moving sideways in consolidation.
Since the price has reached the lower boundary of the ascending channel, there is a possibility that upward momentum may strengthen from here.
4-Hour
The upper boundary of the descending channel was broken, followed by a return move.
Currently, there is a battle between buyers and sellers, and the price is temporarily consolidating.
1-Hour
There is a battle between traders aiming to sell after the price broke below the lower boundary of the ascending channel, and traders aiming to buy after the price broke above the upper boundary of the larger descending channel.
Trade Strategies
Since a range is forming on the 15-minute chart, I will look to buy either near the lower boundary of the range or on a pullback after breaking above the upper boundary.
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<GBP<EUR
