Elliott Wave Technical Analysis: U.S. Dollar/Japanese Yen

Yen, Money, Wealth, Japanese Yen

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USDJPY Elliott Wave Analysis TradingLounge 4Hour Chart,18 July 2023.

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

USDJPY Elliott Wave Technical Analysis

Function: Trend

Mode: Corrective

Structure: Subwave 2 of 3

Position: Wave 3

Direction Next lower Degrees: wave (3) of Motive

Details: Subwave Wave “2” is likely to end below the trendline. Wave Cancel invalid level: 145.101

U.S. Dollar / Japanese Yen(USDJPY) Trading Strategy: USDJPY move strong to form black wave 1. USDJPY moved strong from 145.10 level to 137.271 level. After completing black 1 now expecting corrective wave 2 now USDJPY expects to go higher to complete wave 2.