USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
The price is moving within a large triangle consolidation.
It has rebounded from the lower boundary of the triangle and is now rising toward the upper boundary.
Daily
Uptrend.
Recently, sideways consolidation has continued, and the price has rebounded at the lower boundary of the channel.
4-Hour
The descending channel was broken to the upside, followed by a return move and another rise.
The price is currently being capped by a resistance line.
1-Hour
Uptrend.
After dropping near the swing low that formed the recent high, the price rose and is now being capped.
Trade Strategies
I will watch the price action at the recently respected support line to look for a pullback buy.
If the price rises from the current level without forming a pullback, the potential range is limited, so I will stay on the sidelines for now.
Since the price is diverging from the 21-day moving average on the 4-hour chart, there is a possibility that a larger correction may occur.
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
GBP<JPY<USD<EUR
