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, there had been sideways consolidation, but the candlestick body has clearly broken above the upper boundary of the range.
4-Hour
Uptrend.
The third wave has occurred and extended by the same range as the first wave, so there is a possibility of a larger pullback coming next.
Entering a long position now carries a high risk of buying at the top.
1-Hour
Uptrend.
Yesterday, I was waiting for a larger pullback, but the 21-day moving average ended up being strongly respected, and due to the impact of major U.S. economic data releases, the price continued to rise.
Trade Strategies
I will wait for a larger pullback before looking for dip-buying opportunities.
Key points to watch are the previous high line on the 4-hour chart, the pullback low line, the lower boundary of the ascending channel, and the 21-day moving average.
Since this is a countertrend trade against the higher timeframe, the risk is high, but I will look for shorts on the lower timeframe.
There is a high possibility of profit-taking from buy orders and new shorts entering, so the recent sharp upward positions may get absorbed.
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<EUR<USD
