USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 27 November 23
U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart
USDJPY Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Impulsive
Structure:5 of 1
Position: blue wave 1
Direction Next Higher Degrees:red wave 5(started)
Details:red wave 4 of 1 looking completed at 149.754 , now red wave 5 of 1 is in play. Wave Cancel invalid level: 150.064
The "USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 27 November 23, offers a detailed examination of the U.S. Dollar/Japanese Yen (USDJPY) currency pair using Elliott Wave analysis. This analysis, conducted on a 4-hour chart, provides insights into potential future price movements.
The identified "Function" in this analysis is labeled as "Counter Trend," indicating a focus on potential corrective movements against the prevailing trend. The market is assessed to be in an "Impulsive" mode, suggesting that the current price action may be part of a strong directional movement.
The specific "Structure" under consideration is denoted as "5 of 1," implying that the analysis is focused on a specific sub-wave within the larger Elliott Wave structure, possibly the fifth impulsive wave within the first wave of a larger cycle.
The designated "Position" is clarified as "Blue wave 1." This indicates that the analysis centers around the first impulsive wave within a potential larger Elliott Wave structure.
Concerning the "Direction Next Higher Degrees," the analysis points to "Red wave 5 (started)." This implies an expectation of an upward movement at a higher degree within the overarching Elliott Wave structure, suggesting a potential initiation of a bullish phase.
In terms of "Details," the report notes that "red wave 4 of 1 looking completed at 149.754, now red wave 5 of 1 is in play." This suggests a focus on the completion of a corrective phase (red wave 4) and the initiation of the next impulsive wave (red wave 5). The "Wave Cancel invalid level" is set at 150.064, providing a critical reference point. A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.
In summary, the USDJPY Elliott Wave Analysis on the 4-hour chart indicates a potential counter-trend movement with a focus on the completion of a corrective phase and the initiation of the next impulsive wave. The analysis provides traders with valuable insights for short-to-medium-term decision-making.
Technical Analyst: Malik Awais
Source: Tradinglounge.com get trial here!
USDJPY Elliott Wave Analysis Trading Lounge Day Chart, 27 November 23
U.S.Dollar/Japanese Yen (USDJPY) Day Chart
USDJPY Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Impulsive
Structure: blue wave 1 of 1
Position: black wave C
Direction Next Higher Degrees:corrective blue wave 2
Details:blue wave1 of wave 1 is in play after that wave 2 as correction expected. Wave Cancel invalid level: 151.937
The "USDJPY Elliott Wave Analysis Trading Lounge Day Chart" dated 27 November 23, presents a comprehensive examination of the U.S. Dollar/Japanese Yen (USDJPY) currency pair using Elliott Wave analysis. This analysis, conducted on a daily chart, provides insights into potential future price movements, with a particular emphasis on countering the prevailing trend.
The identified "Function" in this analysis is labeled as "Counter Trend," indicating an intention to analyze potential corrective movements against the existing trend. The market is assessed to be in an "Impulsive" mode, suggesting that the current price action may be indicative of a strong directional movement.
The specific "Structure" under consideration is denoted as "blue wave 1 of 1." This implies that the analysis is focused on the first impulsive wave of a potentially larger Elliott Wave structure.
The designated "Position" is clarified as "black wave C," indicating that the analysis revolves around the completion of a corrective phase within the larger Elliott Wave pattern.
Concerning the "Direction Next Higher Degrees," the analysis points to "corrective blue wave 2." This suggests an anticipation of a corrective wave at a higher degree within the overarching Elliott Wave structure, indicating a potential reversal or retracement after the completion of the current impulsive wave.
In terms of "Details," the report notes that "blue wave 1 of wave 1 is in play after that wave 2 as correction is expected." This implies a focus on the development of the first impulsive wave, with an expectation of a subsequent corrective wave (wave 2). The "Wave Cancel invalid level" is set at 151.937, offering traders a critical reference point. A breach of this level could lead to a reconsideration of the current wave count.
In summary, the USDJPY Elliott Wave Analysis on the daily chart suggests a counter-trend perspective, emphasizing the completion of a corrective phase and the potential initiation of a corrective wave. Traders are provided with valuable insights for medium-to-long-term decision-making, with the invalidation level serving as a crucial guide.
Technical Analyst: Malik Awais
Source: Tradinglounge.com get trial here!
