U.S. Dollar / Japanese Yen Currency Pair - TradingLounge Day Chart
U.S. Dollar / Japanese Yen (USDJPY) Daily Chart Analysis
USDJPY Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Navy blue wave 1
Position: Gray wave 1
Next Lower Degrees Direction: Navy blue wave 2
Details: Navy blue wave 1 is progressing and approaching completion.
Wave Cancel Invalidation Level: 139.585
The daily Elliott Wave analysis for USDJPY reveals an impulsive trend unfolding. The focus is on the development of navy blue wave 1, which represents the initial phase of the impulsive structure. Currently, the pair is positioned within gray wave 1, indicating that the first stage of the cycle is still active.
As navy blue wave 1 nears its completion, the market is anticipated to transition into navy blue wave 2, marking a corrective phase. This suggests a potential pause or retracement in the bullish trend, as wave 2 typically introduces a consolidation period before the broader upward trend resumes.
Traders should note the critical wave cancel invalidation level at 139.585. If the price falls below this level, the current Elliott Wave count will be invalidated, and a re-evaluation of the market structure will be necessary. As long as this level holds, the impulsive structure remains intact, and the next phase of upward movement could occur after wave 2 completes.
Key Points:
- Navy blue wave 1 is nearing completion.
- A corrective navy blue wave 2 is expected to follow.
- Wave cancel invalidation level is 139.585.
- Further bullish movement is possible once wave 2 concludes.
U.S. Dollar / Japanese Yen Forex Pair - TradingLounge 4-hour Chart
U.S. Dollar / Japanese Yen (USDJPY) 4-Hour Chart Analysis
USDJPY Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Navy Blue Wave 1
Position: Gray wave 1
Next Lower Degrees Direction: Navy blue wave 2
Details: Navy blue wave 1 is active and approaching completion.
Wave Cancel Invalidation Level: 139.585
The 4-hour Elliott Wave analysis for USDJPY also shows an impulsive trend underway. Navy blue wave 1 is in progress, signifying the first leg of the current upward movement within gray wave 1. As this phase develops, the conclusion of navy blue wave 1 is anticipated, signaling a shift into navy blue wave 2, which will introduce a corrective phase.
This correction, typical in Elliott Wave analysis, will provide a temporary pause or retracement in the bullish trend. The critical level to watch remains 139.585; a break below this level would invalidate the current wave count and require a reassessment of the market's structure.
Key Points:
- Navy blue wave 1 is nearing completion.
- Navy blue wave 2, a corrective phase, is expected next.
- The invalidation level is set at 139.585.
- Traders should watch for signs of wave 2 development.
Technical Analyst: Malik Awais
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