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
A triangle consolidation is forming, and the price is currently moving from the lower boundary toward the upper boundary.
Daily
Uptrend.
Recently, horizontal consolidation has continued, and the price has now reached the channel’s lower boundary, near the starting point that formed the recent high.
4-Hour
The larger trend is ranging, while a downtrend has recently formed.
The price has reached the lower boundary of the range, which is also an important level on the daily chart, so the question is whether it will rise from here.
1-Hour
Downtrend.
Within the descending channel on the 4-hour chart, a downtrend has formed on the 1-hour chart, and there is a possibility of another upward move afterward.
Trade Strategies
I will follow the major downward trend on the 4-hour chart and look for pullback sells on the lower timeframes.
However, since the price is near the lower boundary of a smaller descending channel on the 4-hour chart, there is also a possibility that upward momentum may strengthen from here.
If the support-resistance flip line fails to hold, I will aim for a short-term long.
However, since this would be counter-trend against the 4-hour chart, caution is needed.
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
