Australian Dollar / Japanese Yen (AUDJPY) Day Chart Elliott Wave Technical Analysis 01 August 23

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AUDJPY Elliott Wave Analysis Trading Lounge Day Chart, 01 August 23

Australian Dollar / Japanese Yen (AUDJPY) Day Chart

AUDJPY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive

Structure: 3 of C

Position: Black Corrective wave B

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

Details: wave 3 is likely to end at the fib level 1.618 Wave Cancel invalid level:97.671

On 1st August 23, the day chart of the Australian Dollar/Japanese Yen (AUDJPY) pair is analyzed using Elliott Wave theory, revealing a counter-trend movement with an impulsive mode. The function of the price movement is identified as counter-trend, while the mode is characterized as impulsive.

The current structure is recognized as 3 of C, with the position of the price wave designated as Black Corrective wave B. The projected direction for the next lower degrees is wave (3 of C), implying that this impulsive wave movement is part of a larger counter-trend wave pattern.

The analysis provides further details, suggesting that wave 3 is likely to conclude around the Fibonacci level of 1.618. Traders and investors are advised to closely monitor the market, as the price may potentially find resistance or reversal at this level.

It is essential to note that the wave count provided will lose its validity if the AUDJPY price exceeds the level of 97.671.

As of the specified date, 1st August 23, traders in the AUDJPY market should closely observe the counter-trend impulsive movement and be prepared for the potential continuation of wave (3 of C) within the larger counter-trend structure. Counter-trend trading involves higher risks, and traders should exercise caution and implement proper risk management practices.

The analysis also suggests the possibility of further bearish movement after the completion of wave 3. Traders should be alert for potential trend reversal signals and confirmation of the new downtrend before considering short positions.

While Elliott Wave analysis provides valuable insights into potential market patterns and price movements, traders should complement it with other technical indicators and fundamental factors to form a comprehensive trading strategy. Market conditions can change rapidly due to various factors, including economic data releases, geopolitical events, and shifts in market sentiment. Therefore, traders should remain attentive and adaptive to changing market conditions.

Proper risk management practices are essential in all trading endeavors to protect capital and manage potential losses. By staying informed and utilizing a well-rounded approach to trading, traders can make more informed decisions and enhance their trading performance in the dynamic foreign exchange markets.