29Jan

U.S.Dollar/Japanese Yen (USDJPY) Elliott Wave Technical Analysis 29 January 24

USDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 29 January 24

U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart

USDJPY Elliott Wave Technical Analysis

FUNCTION:  Counter Trend

MODE: Corrective

STRUCTURE: blue wave A of Y

POSITION: Red wave C

DIRECTION NEXTt LOWER DEGREES: blue wave A of wave Y(started)

DETAILS: blue wave C of black wave X looking completed at 148.810.  Now blue wave A of Y is in play . Wave Cancel invalid level: 151.961

The "USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 29 January 24, provides a comprehensive examination of the U.S. Dollar/Japanese Yen (USDJPY) currency pair through the lens of Elliott Wave Technical Analysis.

The "FUNCTION" is identified as "Counter Trend," indicating a focus on potential corrective movements against the primary trend. This suggests an expectation of a temporary reversal within the overarching downtrend in the USDJPY pair.

The "MODE" is specified as "Corrective," implying that the current phase involves price movements counter to the primary trend. Corrective waves are typically characterized by three-wave structures, often labeled as A-B-C.

The "STRUCTURE" is denoted as "blue wave A of Y," suggesting the wave count within the broader Elliott Wave pattern. This indicates the initial phase of a corrective structure labeled as wave A within a larger degree pattern labeled as Y.

The "POSITION" is identified as "Red wave C," pointing to the current subwave within the Elliott Wave count. Red wave C is part of the broader corrective structure.

Regarding the "DIRECTION NEXT LOWER DEGREES," the analysis highlights "blue wave A of wave Y (started)." This indicates that within the broader corrective structure, the subwave of blue wave A has commenced.

The "DETAILS" section notes that "blue wave C of black wave X looking completed at 148.810." This signals the end of a corrective phase within the Elliott Wave count. Additionally, the analysis states that "blue wave A of Y is in play," indicating the initiation of the next corrective phase.

The "Wave Cancel invalid level" is specified as "151.961." This level serves as a critical reference point, suggesting that a breach of this level could invalidate the current wave count, and traders should be attentive to movements around this level.

In summary, the USDJPY Elliott Wave Analysis for the 4 Hour Chart on 29 January 24, suggests a corrective counter-trend movement, with blue wave A of Y in progress. Traders are advised to closely monitor the market, especially focusing on the invalidation level at 151.961.

Technical Analyst: Malik Awais

Source: Tradinglounge.com, Learn From the Experts Join TradingLounge Here 

USDJPY-4Hr-Forex-Cha...

 


 

USDJPY Elliott Wave Analysis Trading Lounge Day  Chart, 29 January 24

U.S.Dollar/Japanese Yen (USDJPY) Day Chart

USDJPY Elliott Wave Technical Analysis

FUNCTION:  Counter Trend

MODE: Corrective

STRUCTURE: blue wave A of Y

POSITION: Red wave C

DIRECTION NEXTt LOWER DEGREES: blue wave A of wave Y(started)

DETAILS: blue wave C of black wave X looking completed at 148.810.  Now blue wave A of Y is in play . Wave Cancel invalid level: 151.961

The "USDJPY Elliott Wave Analysis Trading Lounge Day Chart" dated 29 January 24, presents a detailed examination of the U.S. Dollar/Japanese Yen (USDJPY) currency pair, focusing on the daily chart and employing Elliott Wave Technical Analysis.

The "FUNCTION" is specified as "Counter Trend," indicating that the analysis is oriented toward identifying potential corrective movements against the primary trend. This suggests an anticipation of a temporary reversal within the broader downtrend in the USDJPY pair.

The "MODE" is identified as "Corrective," which implies that the current phase involves price movements counter to the primary trend. Corrective waves typically consist of three-wave structures denoted as A-B-C.

The "STRUCTURE" is labeled as "blue wave A of Y," indicating the current wave count within the broader Elliott Wave pattern. This suggests that the market is in the initial phase of a corrective structure labeled as wave A within a larger degree pattern labeled as Y.

The "POSITION" is defined as "Red wave C," signaling the current subwave within the broader Elliott Wave count. Red wave C is part of the larger corrective structure.

In terms of "DIRECTION NEXT LOWER DEGREES," the analysis points to "blue wave A of wave Y (started)," indicating that within the broader corrective structure, the subwave of blue wave A has commenced.

The "DETAILS" section highlights that "blue wave C of black wave X looking completed at 148.810." This suggests the termination of a corrective phase within the Elliott Wave count. Furthermore, it notes that "blue wave A of Y is in play," signifying the initiation of the next corrective phase.

The "Wave Cancel invalid level" is specified as "151.961," serving as a critical reference point. A breach of this level could potentially invalidate the current wave count, urging traders to closely monitor price movements around this level.

In summary, the USDJPY Elliott Wave Analysis for the Day Chart on 29 January 24, implies an ongoing corrective counter-trend movement, with blue wave A of Y in progress. Traders are advised to pay close attention to market developments, especially focusing on the invalidation level at 151.961.

Technical Analyst: Malik Awais

Source: Tradinglounge.com, Learn From the Experts Join TradingLounge Here 

Previous: USDCAD

USDJPY-Day-Forex-Cha...

Related

Alphabet Inc. (GOOGL) Stocks Technical Analysis: Potential Stock Price Movements and Market Trends using Elliott Wave Theory

Alphabet Inc. (GOOGL) Stocks Technical Analysis: Potential Stock Price Movements and Market Trends using Elliott Wave Theory

This article provides a detailed Elliott Wave analysis of Alphabet Inc. (GOOGL), focusing on daily a...

Read More >
Salesforce (CRM) Elliott Wave Analysis: Explores the Stock's Current Trends and Forecast Based on Wave 3 Momentum

Salesforce (CRM) Elliott Wave Analysis: Explores the Stock's Current Trends and Forecast Based on Wave 3 Momentum

This Salesforce (CRM) Elliott Wave Analysis explores the stock's current trends and forecast bas...

Read More >
DOTUSD Elliott Wave Analysis: Polkadot Crypto Price Predictions, Technical Indicators, and Enhance Your Trading Strategy

DOTUSD Elliott Wave Analysis: Polkadot Crypto Price Predictions, Technical Indicators, and Enhance Your Trading Strategy

This article provides a detailed Elliott Wave analysis of DOT/USD, offering insights into Polkadot’...

Read More >
An Elliott Wave perspective on the GX Uranium ETF (URA) Commodity Elliott Wave Technical Analysis

An Elliott Wave perspective on the GX Uranium ETF (URA) Commodity Elliott Wave Technical Analysis

This detailed analysis provides an Elliott Wave perspective on the GX Uranium ETF (URA), highlightin...

Read More >
U.S.Dollar/Swiss Franc (USD/CHF)  Forex Elliott Wave Technical Analysis and USDCHF Currency Pair

U.S.Dollar/Swiss Franc (USD/CHF)  Forex Elliott Wave Technical Analysis and USDCHF Currency Pair

This detailed article provides an insightful Elliott Wave analysis of the USD/CHF currency pair. Off...

Read More >
Gold (XAUUSD) Elliott Wave Technical Analysis: Commodity Market Forecast, Trading Strategy, and Price Prediction

Gold (XAUUSD) Elliott Wave Technical Analysis: Commodity Market Forecast, Trading Strategy, and Price Prediction

This article provides an in-depth Elliott Wave analysis of gold, covering the latest price forecast,...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on