USDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 3 October 23

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

USDJPY Elliott Wave Technical Analysis

Function:  main Counter Trend

Mode: corrective

Structure:5 of C

Position: Y of Z of 2

Direction Next lower Degrees:Red wave 3  

Details:  wave 5 of C in play and near to end  . Major Wave Cancel invalid level: 151.983

The USDJPY Elliott Wave Analysis on 3 October 23, examines the 4-hour chart of the U.S. Dollar/Japanese Yen (USDJPY) currency pair. This analysis utilizes the Elliott Wave theory to gain insights into potential market trends and price movements, with a particular focus on counter-trend movements.

The chosen Function for this analysis is "main Counter Trend," indicating a primary emphasis on identifying and interpreting market movements that run counter to the prevailing trend. In this context, the analysis aims to capture potential corrective moves within the broader Elliott Wave structure.

The Mode specified for this analysis is "corrective," suggesting an anticipation of corrective price movements. Corrective waves often denote temporary interruptions in the existing trend, with the expectation of a trend reversal or a new trend development.

The Market Structure identified is "5 of C," highlighting the specific wave sequence within the Elliott Wave framework that is under scrutiny. Understanding and analyzing wave sequences are crucial for gaining insights into potential market dynamics.

In terms of Position, the analysis refers to "Y of Z of 2," which provides context regarding the current wave position within the broader Elliott Wave structure. This indicates that the analysis is focused on the development of this particular wave sequence.

The Direction Next Lower Degrees is specified as "Red wave 3," emphasizing the analysis's concentration on monitoring and interpreting the ongoing Red wave 3 within the larger Elliott Wave framework.

In the Details section, it is noted that "wave 5 of C" is currently in play and is approaching its potential completion. This suggests that the corrective wave sequence is reaching its final

stages. The "Major Wave Cancel invalid level" is identified as 151.983, serving as a critical reference point for risk management and potential trade entry or exit levels.

To summarize, the USDJPY Elliott Wave Analysis on 3 October 23, indicates a corrective phase within the Elliott Wave framework, with a primary focus on the ongoing "wave 5 of C." Traders are advised to closely monitor this wave's progression, considering the specified invalid level as a potential reference point for risk management. This analysis provides valuable insights for those trading the USDJPY currency pair, particularly for those looking to capitalize on counter trend opportunities.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

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