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Australian Dollar / Japanese Yen(AUDJPY) Day Chart Elliott Wave Technical Analysis 26 October 23

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AUDJPY Elliott Wave Analysis Trading Lounge Day  Chart,26 October 23
Australian Dollar / Japanese Yen(AUDJPY) Day Chart
AUDJPY Elliott Wave Technical Analysis
Function: Counter Trend
Mode: impulsive
Structure: blue wave 3 of C
Position:  Black wave C
Direction Next Higher Degrees: blue wave 4 of C  
Details: red wave 2 of 3 completed between fib level 61.80 to 78.60  , Now red wave 3 of blue wave 3 started . Wave Cancel invalid level:96.934
The AUD/JPY Elliott Wave Analysis for the daily chart on 26 October 23, provides critical insights into the potential future movements of the Australian Dollar/Japanese Yen (AUD/JPY) currency pair, offering valuable guidance for forex traders.
The analysis designates the function as "Counter Trend," indicating that the current price movement is acting contrary to the prevailing trend. This suggests that a potential reversal or correction may be in progress. For traders, this is a key point to consider, especially those looking for opportunities to capitalize on price movements that deviate from the main trend.
The analysis identifies the mode as "impulsive," signifying that the counter-trend movement is strong and decisive. This is a significant observation for traders who may be looking for short to medium-term trading opportunities, as such impulsive moves often lead to notable price changes.
The primary focus is on "blue wave 3 of C," which is part of the broader wave pattern. Understanding this wave structure is essential, as it provides insights into potential trend reversals or corrections.
The analysis notes that "red wave 2 of 3 completed between fib level 61.80 to 78.60," and it states that "red wave 3 of blue wave 3 has started." This implies that the correction phase (red wave 2) has concluded, and the currency pair is now entering a new impulsive phase, which is red wave 3 of blue wave 3. This phase is crucial for traders to monitor as it may offer trading opportunities in alignment with the prevailing trend.
The "Wave Cancel invalid level: 96.934" is a significant reference point. It represents the price level at which the described wave structure would be invalidated, potentially indicating a shift in market dynamics.
In summary, the AUD/JPY Elliott Wave Analysis for 26 October 23, provides valuable information for traders. The analysis suggests the end of a corrective phase and the commencement of a new impulsive wave. Traders should closely watch the specified invalidation level to effectively manage risks within their trading strategies.
Technical Analyst  Malik Awais
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