Jump to content

U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart Elliott Wave Technical Analysis 20 September 23

Recommended Posts

USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 20 September 23
U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart
USDJPY Elliott Wave Technical Analysis
Function:  Counter Trend
Mode: impulsive
Structure:5 of C
Position: Z of 2
Direction Next lower Degrees:Red wave 3  
Details: Red wave 5 of C still in play as ending diagonal, after that new downtrend expected . Major Wave Cancel invalid level: 151.983
The USDJPY Elliott Wave Analysis conducted on 20 September 23, focuses on the 4-hour chart of the U.S. Dollar/Japanese Yen (USDJPY) currency pair. This analysis employs the Elliott Wave theory to provide insights into potential market movements.
The Function attributed to this analysis is "Counter Trend," indicating that the primary objective is to identify potential counter trend movements against the prevailing market direction. Counter trend analysis aims to pinpoint opportunities for reversals or corrections in price.
The Market Mode is labeled as "impulsive," which suggests that the market is currently displaying strong, decisive price movements. Impulsive market modes are often associated with the continuation of trends or significant price movements in a specific direction.
The Market Structure is specified as "5 of C," indicating that the analysis is focused on the fifth wave within a larger wave sequence known as "C." Understanding the wave structure can help traders identify potential reversal points or trend continuation.
The Position within the Elliott Wave pattern is identified as "Z of 2," which implies that the analysis is examining a specific subwave within the second major wave of the Elliott

Wave sequence. This level of detail can aid traders in gauging their position within the broader wave pattern.
Regarding the Direction Next Lower Degrees, the analysis suggests that "Red wave 3" is expected to follow after the completion of "Red wave 5 of C." This implies that a new downtrend could be on the horizon once the ending diagonal formation is completed.
The analysis provides specific Details, noting that "Red wave 5 of C" is still in play as an ending diagonal pattern. Ending diagonals are often characterized by narrowing price ranges and can signal the end of a larger wave sequence.
Furthermore, the "Major Wave Cancel invalid level" is identified at 151.983. This level is significant as it may serve as a point of reference for traders. If breached, it could indicate a potential shift in market sentiment or invalidate the current wave count.
In summary, the USDJPY Elliott Wave Analysis on 20 September 23, is focused on identifying potential counter trend opportunities within the ongoing wave sequence. The analysis anticipates the completion of the ending diagonal pattern, which could be followed by a new downtrend. Traders are advised to monitor the Major Wave Cancel invalid level for potential signals of a changing market environment and to use additional technical and fundamental analysis to make informed trading decisions. Risk management is crucial when trading in dynamic markets like forex.
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

    • Yesterday, the market was divided, so I stayed out. Today, I predicted that there would be a relief rally on DAX (Germany) 40 in the morning. Therefore, I went long at the cash open and made 170 points. Did anyone else have a similar experience?
    • I've always found the idea of combining Web3 and real estate intriguing. Now, with Parcl Protocol from Parcl Labs, that curiosity is becoming tangible. This platform offers a new approach to investing in real estate prices from cities like Miami Beach and New York, using current price data. What makes Parcl unique is its emphasis on decentralized real estate trading. It enables the buying and selling of real estate assets anytime, anywhere, through a decentralized exchange.If you are holding PRCL their native token you can  participate in governing the Protocol. Plus, there are perks like Perpetual Network Incentives, offering extra benefits to users. The numbers tell an impressive story: Parcl Protocol is a notable DeFi app in the Solana ecosystem, with over $180M+ locked in. In a short span, it has facilitated trades of over 2.1M square feet of real estate exposure, equivalent to 1,400+ properties.The total traded volume? A significant $940M+.with tokens listing on exchanges like Bitget, the platform's reach and potential only continue to grow, Could Parcl be a game-changer in real estate? (Edited)
  • Create New...