USDJPY Elliott Wave Analysis - Trading Lounge Day Chart
U.S. Dollar / Japanese Yen (USDJPY) Day Chart
USDJPY Elliott Wave Technical Analysis
Function: Bearish Trend
Mode: Impulsive
Structure: Navy Blue Wave 3
Position: Gray Wave 1
Next Lower Degree Direction: Navy Blue Wave 3 (In Progress)
Details: Navy Blue Wave 2 has likely finished, and Navy Blue Wave 3 is now in progress.
USDJPY Analysis Summary
The Elliott Wave analysis of USDJPY on the daily chart highlights a bearish trend in impulsive mode. The current structure shows that Navy Blue Wave 3 is in progress, with Gray Wave 1 indicating the start of a potential extended downward movement. The prior Navy Blue Wave 2 seems to have concluded, setting the stage for further bearish momentum as Navy Blue Wave 3 continues its descent.
In terms of the next lower degree, the market is aligned with the continuation of Navy Blue Wave 3, suggesting sustained downward pressure. With Navy Blue Wave 2 behind us, the market is now focused on the more impulsive and stronger decline associated with Navy Blue Wave 3.
USDJPY Market Outlook
As Navy Blue Wave 3 develops, the market is likely to experience additional declines. The impulsive nature of the current wave suggests a strengthening downtrend, which limits any potential upside in the short term as selling pressure dominates.
Conclusion
The USDJPY is locked in a bearish trend on the daily chart, driven by the unfolding of Navy Blue Wave 3, which follows the completion of Navy Blue Wave 2. The impulsive wave structure suggests that the market's downward momentum will continue, with Gray Wave 1 leading the ongoing decline. Further declines are expected as Navy Blue Wave 3 progresses, keeping the outlook bearish.
U.S. Dollar / Japanese Yen (USDJPY) 4-Hour Chart
USDJPY Elliott Wave Technical Analysis
Function: Bearish Trend
Mode: Impulsive
Structure: Navy Blue Wave 3
Position: Gray Wave 1
Next Lower Degree Direction: Navy Blue Wave 3 (In Progress)
Details: Navy Blue Wave 2 appears complete, and now Navy Blue Wave 3 is unfolding.
USDJPY Forex Analysis Summary
The USDJPY Elliott Wave analysis on the 4-hour chart indicates a bearish trend within an impulsive mode. The structure shows that Navy Blue Wave 3 is unfolding, with the position in Gray Wave 1, indicating an ongoing downward movement. The market is in the early stages of Navy Blue Wave 3, confirming increasing bearish momentum.
With Navy Blue Wave 2 likely complete, the market has transitioned from the corrective phase into the impulsive phase of Navy Blue Wave 3, a phase that typically results in a stronger downward move, reinforcing the bearish trend.
USDJPY Currency Market Outlook
The next lower degree confirms the continuation of Navy Blue Wave 3, signaling further declines. The overall structure remains bearish, driven by the impulsive nature of Navy Blue Wave 3, which shows that sellers are in control. The market is expected to extend its descent as this wave develops.
Conclusion
In conclusion, USDJPY is entrenched in a bearish trend on the 4-hour chart, with Navy Blue Wave 3 progressing after the completion of Navy Blue Wave 2. The impulsive mode indicates that the downward movement is set to continue as the market moves through Gray Wave 1 and deeper into the lower degrees of Navy Blue Wave 3. As long as this structure remains intact, the outlook will stay bearish, favoring further declines.
Technical Analyst: Malik Awais
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
Previous: GBPAUD Elliott Wave Technical Analysis
VALUE Offer - Buy 1 Month & Get 3 Months!Click here
Access 7 Analysts Over 200 Markets Covered. Chat Room With Support
