USDJPY Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
The price is moving within a symmetrical triangle.
It is currently rising from the lower boundary toward the upper boundary.
Daily
The broader trend is upward.
Recently, there has been a period of sideways consolidation, during which the price once bounced off the lower boundary of the channel.
However, it has since been pushed back down to the channel’s lower boundary again.
4-Hour
A downtrend had been occurring recently, but the week opened with a large gap of about 185 pips.
1-Hour
Since the week started with a large gap, it’s possible that the price may move to fill it, but at the moment there is no clear directional bias.
Trade Strategies
Expecting a potential gap fill, I will consider a short entry after confirming chart patterns and price action on the lower timeframe.
Since many traders are likely shorting to target the gap fill, if the price starts rising from the current level, it could trigger stop-loss hunts and push even higher — in that case, I will switch to a long entry.
Currency Strength
【EURUSD】4H
EUR=USD
【GBPUSD】4H
GBP>USD
【USDJPY】4H
?
【EURJPY】4H
?
【GBPJPY】4H
?
【EURGBP】4H
EUR<GBP
EUR=USD<GBP
