U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart Elliott Wave Technical Analysis 12 February 24

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USDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 12 February 24

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

USDJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Impulsive

STRUCTURE: blue wave 1

POSITION: black wave C

DIRECTION NEXT LOWER DEGREES: blue wave1 (started)

DETAILS:blue wave y of B looking completed.  Now blue wave 1 of C  is in play . Wave Cancel invalid level: 151.953

The "USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 12 February 24, provides a detailed analysis of the U.S. Dollar/Japanese Yen (USDJPY) currency pair using Elliott Wave theory, offering insights into potential market movements.

The identified "FUNCTION" is "Counter Trend," indicating that the analysis is focused on a potential reversal or corrective move against the prevailing trend. Traders may be exploring opportunities within the context of a countertrend scenario, seeking to capitalize on potential price reversals.

The specified "MODE" is "Impulsive," suggesting that the current market structure exhibits characteristics of an impulsive wave. Impulsive waves are typically associated with strong and directional price movements aligned with the dominant trend.

The "STRUCTURE" is defined as "Blue wave 1," indicating the current position within the Elliott Wave sequence. This suggests that the analysis is honing in on the first wave within the broader structure.

The "POSITION" is labeled as "Black wave C," providing information about the subwave count within the larger structure. Understanding these nested waves is crucial for Elliott Wave analysts seeking to identify potential turning points.

In terms of "DIRECTION NEXT LOWER DEGREES," the analysis points to "Blue wave 1 (started)," indicating the expected direction of the next lower-degree wave. This nested wave structure is essential for traders using Elliott Wave principles to navigate market trends.

The "DETAILS" section notes that "blue wave y of B" is considered completed, signaling the end of a corrective pattern. Now, "blue wave 1 of C" is in play, suggesting the initiation of a new impulsive wave.

The "Wave Cancel invalid level" is specified as "151.953." This level serves as a critical reference point, and a breach of this level may prompt a reassessment of the current wave count and market trajectory.

In summary, the USDJPY Elliott Wave Analysis for the 4 Hour Chart on 12 February 24, highlights the potential for a counter-trend move with the initiation of "blue wave 1 of C." Traders are advised to closely monitor the market, especially the specified invalidation level at 151.953, for potential shifts in market sentiment.

Technical Analyst : Malik Awais