U.S.Dollar/Japanese Yen (USDJPY) Day Chart Elliott Wave Technical Analysis 18 December 23

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USDJPY Elliott Wave Analysis Trading Lounge Day  Chart, 18 December 23

U.S.Dollar/Japanese Yen (USDJPY) Day Chart

USDJPY Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: Impulsive

Structure:red wave 1 of blue wave 3

Position: black wave 1

Direction Next Higher Degrees: red wave 2 of 3

Details:Red wave 1 of blue wave 3 is in play . Wave Cancel invalid level: 149.776

The "USDJPY Elliott Wave Analysis Trading Lounge Day Chart" for 18 December 23, provides an in-depth analysis of the U.S. Dollar/Japanese Yen (USDJPY) currency pair using Elliott Wave principles. This analysis is crucial for traders seeking a comprehensive understanding of market conditions and potential future movements.

The identified "Function" is "Counter Trend," indicating a focus on deciphering corrective movements against the prevailing trend. This is essential for traders looking to identify potential reversals or retracements in the market.

The specified "Mode" is "Impulsive," suggesting that the market is currently experiencing strong and directional price movements. In this context, "Impulsive" likely refers to a robust downward movement, denoted by "red wave 1 of blue wave 3."

The primary "Structure" involves "red wave 1 of blue wave 3," providing insights into the current wave's place within the broader Elliott Wave framework. This information is valuable for traders to anticipate potential price movements and formulate appropriate strategies.

The described "Position" is labeled as "black wave 1," indicating the current wave's position within the larger Elliott Wave structure. Understanding the wave position is crucial for traders to navigate ongoing market dynamics effectively.

In terms of "Direction Next Higher Degrees," the projection is "red wave 2 of 3," signifying the anticipated corrective wave within the broader Elliott Wave structure. This information assists traders in anticipating potential future market movements in the upward direction as part of the corrective phase.

The "Details" section emphasizes that "Red wave 1 of blue wave 3 is in play," suggesting a current downward impulsive wave. This information allows traders to align their strategies with the prevailing trend.

The "Wave Cancel invalid level" is identified as "149.776." This level serves as a crucial point at which the current wave count would be invalidated, prompting a reassessment of market conditions.

In summary, the USDJPY Elliott Wave Analysis for the daily chart on 18 December 23, suggests an impulsive wave labeled as "red wave 1 of blue wave 3," indicating a bearish trend. The analysis provides insights into the anticipated corrective wave, "red wave 2 of 3," and highlights a crucial invalidation level at 149.776. Traders can use this information for a comprehensive understanding of market conditions and to align their strategies accordingly.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!