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
Structure:WXYXZ
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
 
 
3)usdjpy.thumb.png.421e4772a1165589256397aeef7bda3f.png
 
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

    • Yeah! I think I would have to agree with you on this as I have benefited a lot from the event this recent times & I have plans of leveraging the event for a long time.
    • Join the BYDFi Demo Trade Profit Posting and grab your chance to share in a 10,000 USDT prize pool!  Show off your trading skills, post your profits, and let's see who comes out on top! Don't miss out on this chance to win big! 🎉
    • The #meme hype surrounding #Solana may have slowed down with the emergence of the Ton network, but it seems that the enthusiasm for Solana is not fading away entirely. While new networks like Ton are gaining attention, Solana has previously generated significant interest and wealth for investors. However, there are concerns about scammers exploiting the Solana network with various honeypot and rugpull schemes, leading some traders to explore other chains like Base and Ton. Despite the rise of Ton blockchain, a new Solana meme project associated with Pepe the Frog has started to gain traction. One such project, LandWolf, has already amassed over 5,000 active Telegram members and 5,000 Twitter followers, indicating early interest and community engagement. The project aims to unite Pepe fans with the broader crypto community, offering a unique value proposition. LandWolf's ability to secure listings on top-tier exchanges like Bitget showcases the developer's influence and the project's potential. Some enthusiasts have already dubbed $WOLF as the biggest meme coin on Solana, highlighting the ongoing interest and excitement within the Solana ecosystem.
×
×
  • Create New...
us