Jump to content

U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart Elliott Wave Technical Analysis 25 August 23

Recommended Posts

USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 25 August 23
U.S.Dollar/Japanese Yen (USDJPY)  4 Hour 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
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 August 25, 2023, focuses on the 4-hour chart of the U.S. Dollar/Japanese Yen currency pair. This analysis offers valuable insights into counter-trend trading, particularly within the context of the impulsive wave pattern occurring in the C of Z sequence.
Counter-trend trading involves taking advantage of price movements that oppose the prevailing market trend. This is particularly pertinent within the impulsive wave pattern, which often consists of a series of price moves in the opposite direction to the main trend. In this case, the impulsive pattern is identified within the C of Z structure.
The analysis provides a detailed overview of the WXYXZ structure, a complex wave pattern that often forms within corrective phases. This understanding is crucial for traders looking to identify potential price reversals and counter-trend trading opportunities. It's highlighted that this analysis is centered around the counter-trend approach, indicating a potential shift in the market sentiment.
The main focus of the analysis is the development of the main Red wave 2, which is considered the corrective phase within the impulsive sequence. The completion of the red corrective wave 4 at 144.595 is a key factor in identifying potential turning points in the market. This, combined with the ongoing play of wave 5 of C, offers traders valuable information for making informed trading decisions.
Wave Cancel invalid level is a significant element emphasized in the analysis. This level serves as a threshold beyond which the current wave pattern would be invalidated due to unexpected price movements. Recognizing and respecting these invalidation levels is crucial for managing risk effectively and adapting trading strategies as needed.
The analysis extends its insights to the direction of the next lower degrees, indicating the possibility of a new downward trend after the completion of the 5th wave. Traders looking to capitalize on counter-trend opportunities should be mindful of this potential shift in market direction.
In conclusion, the USDJPY Elliott Wave Analysis for 25 August 23, provides traders with a comprehensive understanding of counter-trend trading within the context of impulsive wave patterns. By focusing on the WXYXZ structure, the completion of corrective waves, and the Wave Cancel invalid level, traders can enhance their decision-making process. However, traders are advised to complement this analysis
with other technical and fundamental indicators and to practice prudent risk management to ensure 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

    • In the wake of a brewing conflict between the Nigerian government and Binance, cryptocurrency enthusiasts find themselves on edge, uncertain about the future of their digital investments. Rumors abound that Binance, along with other platforms, might be exacerbating the Naira's devaluation against the dollar, prompting the government to take a hard stance against the exchange. Despite longstanding allegations of wrongdoing, recent events have propelled the government to escalate its actions. The situation has escalated dramatically, with Binance's P2P platform disabled and a staggering $10 billion fine imposed for alleged illegal activities. This punitive measure, coupled with last year's $4.3 billion fine by the SEC, underscores the gravity of the situation. However, skepticism lingers regarding the astronomical sum demanded by the Nigerian government. While Binance has faced regulatory challenges in other jurisdictions, its resilience and market dominance have largely endured. Yet, the potential ramifications of losing access to a key crypto market like Nigeria cannot be ignored. Complicating matters further, the Nigerian House of Representatives has summoned Binance CEO Richard Teng, issuing a seven-day ultimatum for him to address allegations of terrorist financing and money laundering, among other charges. This development casts a shadow over the future prospects of Binance in the country. Amidst the uncertainty surrounding Binance's operations in Nigeria, users are scrambling to identify alternative platforms. While other centralized exchanges (CEX) remain operational within the country, the pressing question remains: which platform will emerge as the most dependable alternative should the situation worsen? https://punchng.com/reps-summon-binance-boss-over-alleged-terrorism-financing/
    • 2024 has been a good year for crypto traders with signs of a bullish market prevailing. For the first time in 3 years, we are witnessing BTC set a new ATH repeatedly. If you endured the prolonged bear market of the previous years, you deserve these gigantic green candles! In addition to BTC's incredible run, several alts have broken out nicely; Ai, memecoin, GameFi projects and so on have spiked. Most notably in the month of February is the run of CEX tokens. According to Foresight News, centralized exchange tokens boast of a widespread price spike in February, based on data from ICO Analytics. Standing tall amongst many is BGB with 62% increase, while ASD, BNB, and KCS witnessed gains of 45%, 33%, and 22% respectively. As a BGB holder myself who’s been holding since June 2023 at an average price of $0.45, it’s been an incredible journey. I’ve witnessed it smash its ATH over again, the latest coming in February when BGB set a new ATH of $1.15. Aside the juicy ROI, BGB usecases have been a flex for me, granting me access to exclusive events, like Launchpads where I’ve also managed mouth-watering gains from my participations. BNB had a remarkable run in the last bull cycle, sadly I missed out having sold mine for peanuts. If you said I’m stoked to right my wrong with BGB this time, you wouldn’t be far from the truth!  Which CEX token(s) are you keenly observing?
    • Look at the transaction log to see why, Most of the time it's because your stop loss is set too close. 
  • Create New...