Elliott Wave Technical Analysis: U.S. Dollar/Japanese Yen - Monday, April 15

Yen, Money, Wealth, Japanese Yen

Image Source: Pixabay
 

USDJPY Elliott Wave Analysis Trading Lounge Day Chart,    

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

USDJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend                        

MODE: Corrective                      

STRUCTURE: red wave 5 of C                    

POSITION: black wave Z of B                

DIRECTION NEXT LOWER DEGREES: sub waves of Red wave C                    

DETAILS red wave 4 of C looking completed at 150.778. Now red wave 5 of C of Z of B is in play and looking near to end.  

The USD/JPY Elliott Wave Analysis for the day chart provides insights into the potential price movements of the U.S. Dollar against the Japanese Yen, employing Elliott Wave principles for technical analysis.

Described as a "Counter Trend," the analysis suggests that the prevailing market direction runs counter to the primary trend, indicating a possible corrective phase or reversal in the USD/JPY pair. Traders may interpret this as a temporary deviation from the overarching uptrend in the currency pair.

Identified as "Corrective" in mode, the analysis indicates that the current market movement is part of a corrective pattern rather than a new impulsive trend. This suggests that the recent price action represents a temporary interruption in the broader trend.

The "STRUCTURE" is characterized as "red wave 5 of C," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing corrective pattern and its alignment with the broader Elliott Wave structure.

Positioned as "black wave Z of B," the analysis highlights the current wave count within the larger Elliott Wave cycle, indicating the specific phase of the potential corrective pattern. This suggests that the market is currently experiencing a corrective phase within the broader wave structure.

In the "DIRECTION NEXT LOWER DEGREES" section, the analysis mentions "sub waves of Red wave C," indicating the anticipated direction for the subsequent lower-degree waves within the corrective pattern. This suggests that the market may continue to unfold within the context of the current corrective structure.

The "DETAILS" section mentions that "red wave 4 of C looking completed at 150.778. Now red wave 5 of C of Z of B is in play and looking near to end." This suggests that the previous corrective wave has likely concluded, and the market is now in the final phase of the current corrective movement. Traders may monitor the completion of this wave for potential trading opportunities or trend reversals.

Forex24.thumb.png.e8c9597c2477c918b4961d14dad1bb70.png

USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart,    

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

USDJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend                        

MODE: Impulsive as C                      

STRUCTURE:red wave 5                      

POSITION: blue wave C                  

DIRECTION NEXT LOWER DEGREES: bearish impulse as red wave 1                    

DETAILS red wave 4 of C looking completed at 150.778. Now red wave 5 is in play.      

The USD/JPY Elliott Wave Analysis for the 4-hour chart presents insights into potential price movements of the U.S. Dollar against the Japanese Yen, utilizing Elliott Wave principles for technical analysis.

Identified as a "Counter Trend" scenario, the analysis suggests that the prevailing market direction opposes the primary trend, indicating a potential reversal or corrective phase in the USD/JPY pair. Traders may interpret this as a temporary deviation from the overall uptrend in the currency pair.

Described as "Impulsive as C" in mode, the analysis indicates that the current market movement exhibits characteristics of an impulsive wave within the broader Elliott Wave cycle. This implies that the recent price action is part of a corrective pattern rather than a new impulsive trend.

The "STRUCTURE" is identified as "Red wave 5," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing corrective pattern and its alignment with the broader Elliott Wave structure.

Positioned as "Blue wave C," the analysis highlights the current wave count within the larger Elliott Wave cycle, indicating the specific phase of the potential corrective pattern.

This suggests that the market is currently experiencing a corrective phase within the broader wave structure.

The "DIRECTION NEXT LOWER DEGREES" is denoted as a "bearish impulse as red wave 1," implying the anticipated direction for the subsequent lower-degree wave within the corrective pattern. This indicates that following the completion of the current corrective phase, a new bearish impulse may ensue.

In the "DETAILS" section, it is mentioned that "red wave 4 of C looking completed at 150.778. Now red wave 5 is in play." This suggests that the previous corrective wave has likely completed, and the market is now in the initial phase of a new impulsive movement. Traders may use the level of 150.778 as a reference point to monitor potential invalidation of the current wave count.

Technical Analyst: Malik Awais

Forex24(1).thumb.png.ca64e2f61408151837b27434e7cabce8.png


More By This Author:

Elliott Wave Insights: How To Navigate Microsoft Dips And Optimize Nasdaq Trades
Elliott Wave Technical Analysis: Amazon Inc. - Friday, April 12
Elliott Wave Technical Forecast: Unlocking ASX Trading Success: Commonwealth Bank Of Australia

Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.