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AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 27 September 2023

Australian Dollar/Japanese Yen(AUDJPY) 4 Hour Chart

AUDJPY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive

Structure: blue wave 3 of C

Position: black wave C

Direction Next lower Degrees: wave (3 of C) continue

Details: blue corrective wave 2 looking completed at 96.083.now blue wave 3 started. Wave Cancel invalid level:95.822

The AUD/JPY Elliott Wave Analysis on 27 September 23, focuses on the 4-hour chart of the Australian Dollar/Japanese Yen (AUD/JPY) currency pair. This analysis applies Elliott Wave theory to assess potential market trends and price movements.

The identified Function is "Counter Trend," signifying an emphasis on identifying and interpreting market movements that run contrary to the prevailing trend. In this context, "counter trend" implies a focus on potential reversals or corrective movements within the market.

The Mode is characterized as "impulsive," suggesting an anticipation of strong and directional price movement. Specifically, the analysis anticipates an impulsive wave sequence within the market, implying the potential for significant price shifts.

The Market Structure is outlined as "blue wave 3 of C." This signifies that the analysis is centered on the development of the third wave within a broader C-wave structure, underscoring its importance in the Elliott Wave sequence.

The Position specifies that the analysis pertains to "black wave C," indicating that the entire C-wave structure is of interest in the analysis.

The Direction Next Lower Degrees points to "wave (3 of C) continue," indicating that the analysis is attentive to the continuation of the third sub-wave within the larger C-wave.

In the Details section, it is noted that "blue corrective wave 2" is deemed completed at the level of 96.083, and the market has now entered the phase of "blue wave 3." The "Wave Cancel invalid level" is specified as 95.822, serving as a reference point for traders to manage risk in their trading strategies.

In summary, the AUD/JPY Elliott Wave Analysis on 27 September 23, suggests that the market is currently in a counter-trend phase with an impulsive movement underway. The focus is on the development of "blue wave 3 of C" within the broader C-wave structure. Traders are advised to monitor this sub-wave for potential trading opportunities, with the specified invalid level serving as a reference for risk management within their trading strategies.

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