USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Downtrend.
The price rebounded after pulling back to the vicinity of the last swing high and is currently in the 5th wave.
Watching to see whether it will fall to the end of the 3rd wave or shift into an uptrend.
Daily
Uptrend.
Currently experiencing a second rebound from the origin point of the previous highest high.
4-hour
The last swing high of the downtrend has been broken to the upside.
With higher highs and higher lows, an uptrend has emerged.
Until the price reaches a level that is likely to be significant on the daily or 4-hour chart, long positions are favored.
Hourly
The price has broken above the level that initiated the major decline, which had previously disrupted the upward wave.
While fundamentals likely played a significant role, an uptrend is currently underway.
The market is now undergoing a correction.
Trade Strategies
Strategy①
Trend-following long trades on the 4-hour and 1-hour charts.
Since the 1-hour chart is currently in a corrective phase, look to enter a long position once the correction appears to have ended.
