Jump to content

U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart Elliott Wave Technical Analysis 27 November 23

Recommended Posts

USDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 27 November 23

U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart

USDJPY Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: Impulsive

Structure:5 of 1

Position: blue wave 1

Direction Next Higher Degrees:red wave 5(started)  

Details:red wave 4 of 1 looking completed at 149.754 , now red wave 5 of 1 is in play. Wave Cancel invalid level: 150.064

The "USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 27 November 23, offers a detailed examination of the U.S. Dollar/Japanese Yen (USDJPY) currency pair using Elliott Wave analysis. This analysis, conducted on a 4-hour chart, provides insights into potential future price movements.

The identified "Function" in this analysis is labeled as "Counter Trend," indicating a focus on potential corrective movements against the prevailing trend. The market is assessed to be in an "Impulsive" mode, suggesting that the current price action may be part of a strong directional movement.

The specific "Structure" under consideration is denoted as "5 of 1," implying that the analysis is focused on a specific sub-wave within the larger Elliott Wave structure, possibly the fifth impulsive wave within the first wave of a larger cycle.

The designated "Position" is clarified as "Blue wave 1." This indicates that the analysis centers around the first impulsive wave within a potential larger Elliott Wave structure.

Concerning the "Direction Next Higher Degrees," the analysis points to "Red wave 5 (started)." This implies an expectation of an upward movement at a higher degree within the overarching Elliott Wave structure, suggesting a potential initiation of a bullish phase.

In terms of "Details," the report notes that "red wave 4 of 1 looking completed at 149.754, now red wave 5 of 1 is in play." This suggests a focus on the completion of a corrective phase (red wave 4) and the initiation of the next impulsive wave (red wave 5). The "Wave Cancel invalid level" is set at 150.064, providing a critical reference point. A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the USDJPY Elliott Wave Analysis on the 4-hour chart indicates a potential counter-trend movement with a focus on the completion of a corrective phase and the initiation of the next impulsive wave. The analysis provides traders with valuable insights for short-to-medium-term decision-making.

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

    • Basically, they're letting creators mint NFTs and other digital stuff across multiple blockchains at once. Holograph isn't the only one trying to build bridges between blockchains. Projects like Omnibridge and Wormhole are also in the game, each with their own way of moving your digital assets around.  While Holograph focuses on this "native minting" thing across chains, other projects might be a better fit depending on what you need. Doing your research is key! Definitely something to consider. While Holograph recently scored a cool $11 million in funding, omnichain functionality is still pretty new. They've also got some interesting features, just landed on Bitget, and seems to be building an empire state. There could be bumps in the road, so be sure to do your own research and understand the potential risks. So, what do you think? Is Holograph the future of NFTs, or is it just a bunch of hype? Have you tried any other cross-chain solutions? Let's hear your thoughts in the comments!
    • May 22nd marks Bitcoin Pizza Day, a celebration of the first real-world transaction using Bitcoin. In 2010, Laszlo Hanyecz made history by offering 10,000 Bitcoins for two Papa John's pizzas, showcasing Bitcoin's practical potential. The cryptocurrency community commemorates this milestone with various events, including meetups, webinars, and giveaways. Bitget's Pizza Day Raffle is one such event, offering prizes in cryptocurrencies and tokens. Whether you're interested in Bitcoin's history, community, or uses, this event is worth exploring.
    • HashPack rocks. Their wallet's is easy to use, and they're everywhere in Hedera (dApps, DeFi, NFTs). The Bitget listing is gonna be insane for them.
  • Create New...