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Australian Dollar / Japanese Yen (AUDJPY)  4 Hour Chart Elliott Wave Technical Analysis 10 August 23

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AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 10 August 23
Australian Dollar / Japanese Yen (AUDJPY)  4 Hour Chart
AUDJPY Elliott Wave Technical Analysis
Function:  Trend
Mode: impulsive
Structure: 3 of 3
Position: Blue wave C
Direction Next lower Degrees: wave (3 of 3) of Motive continue
Details: Red subwave 3   likely to end at the fib level 1.618. Wave Cancel invalid level:95.827
On 10th August 23, the 4-hour chart of the Australian Dollar / Japanese Yen (AUDJPY) pair is subjected to Elliott Wave analysis, revealing an impulsive trend movement. The function of the price movement is identified as a trend, while the mode is characterized as impulsive.
The current structure is recognized as the third wave (3 of 3), with the position of the price wave designated as the Blue wave C. The projected direction for the next lower degrees indicates the continuation of wave (3 of 3), forming part of a larger motive wave pattern.
The analysis provides further details, indicating that the ongoing Red subwave 3 is likely to conclude within the range of the Fibonacci retracement level of 1.618. Traders and investors are advised to closely monitor the market as the completion of this subwave 3 could represent a significant juncture in the price movement.
It is essential to note that the wave count provided will become invalid if the AUDJPY price exceeds the level of 95.827.
As of the specified date, 10th August 23, traders in the AUDJPY market should closely observe the impulsive trend movement and anticipate the completion of the Red subwave 3. Impulsive trading carries its own set of risks, and traders should exercise caution and implement effective risk management practices.
The analysis also suggests the potential for a continuation of the motive wave pattern after the completion of the subwave 3. Traders should remain vigilant for further impulsive movement signals and consider trading strategies that align with the prevailing market trend.
While Elliott Wave analysis provides valuable insights into potential market patterns and price movements, traders should supplement it with other technical indicators and fundamental factors to create 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 adaptable 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.
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