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USDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 27 November 2023

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

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