Jump to content

U.S.Dollar/Japanese Yen (USDJPY) Day Chart Elliott Wave Technical Analysis 25 August 23

Recommended Posts

USDJPY Elliott Wave Analysis Trading Lounge Day Chart, 25 August 23

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

USDJPY Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: impulsive in C of Z


Position: Main Red wave 2

Direction Next lower Degrees:new down tren expected after 5th wave of C of Z of 2

Details: red corrective wave 4 completed at 144.595 , wave 5 of C nicely in play . Wave Cancel invalid level: 143.914


The USDJPY Elliott Wave Analysis for 25 August 23, delves into the day chart of the U.S. Dollar/Japanese Yen currency pair, offering key insights into counter-trend trading within the context of the impulsive wave pattern in the C of Z structure.


The primary emphasis of this analysis is counter-trend trading, a strategy involving the identification of price movements that oppose the prevailing market trend. This approach is particularly relevant in the impulsive wave pattern, where price moves in the direction opposite to the dominant trend are likely to occur.


The analysis introduces the complex WXYXZ structure, which often manifests during corrective phases. An understanding of this intricate pattern is essential for traders seeking to pinpoint potential price reversals and counter-trend trading opportunities. The analysis underscores that the focus here is on counter-trend trading, indicating a potential shift in market sentiment.


Central to this analysis is the progression of the main Red wave 2, which serves as the corrective phase within the impulsive sequence. The completion of the red corrective wave 4 at 144.595 is a critical aspect in identifying potential turning points in the market. Additionally, the ongoing progress of wave 5 of C enhances the trader's ability to make informed decisions.


A notable feature of this analysis is the emphasis on the Wave Cancel invalid level. This level acts as a threshold, signaling when the current wave pattern would be invalidated due to unexpected price fluctuations. Observing and respecting these invalidation levels is crucial for efficient risk management and adapting trading strategies accordingly.


The analysis extends its insights to the direction of the next lower degrees, indicating the potential for a new downward trend following the conclusion of the 5th wave of C of Z of 2. This insight is valuable for traders aiming to capitalize on counter-trend opportunities during this phase.


In conclusion, the USDJPY Elliott Wave Analysis for 25 August 23, provides traders with an in-depth understanding of counter-trend trading within the impulsive wave pattern framework. By examining the WXYXZ structure, acknowledging the completion of corrective waves, and considering the Wave Cancel invalid level, traders can


enhance their decision-making. However, traders are advised to complement this analysis with additional technical and fundamental indicators, coupled with prudent risk management practices, to formulate a comprehensive trading strategy.

Technical Analyst : Malik Awais



Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • DIMO's platform seems to be shaking things up in the car world! Being able to get useful info about your car easily sounds great for drivers. And now that their token is on Bitget exchange, more people can get in on it. Super exciting news!
    • Just for completeness, I mean lists of companies. Many thanks, Peter
    • It’s one of the most popular traded markets on our end, and we take a look at the S&P 500’s technical overview in both weekly and daily time frames, the strategies to deploy for conformist, contrarian and ‘hold’ camps.   Written by: Monte Safieddine | Market analyst, Dubai   Publication date: Tuesday 27 February 2024 06:48 Dive into the conflicting sentiments of IG clients versus COT speculators and stay ahead of the game with upcoming market events. Don't miss out on this essential guide to understanding the current state of the S&P 500 and preparing for what lies ahead!       This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.    
  • Create New...