Jump to content

U.S.Dollar/Japanese Yen (USD/JPY) Forex Elliott Wave Technical Analysis


Recommended Posts

Posted
USDJPY Elliott Wave Analysis Trading Lounge Day Chart,
U.S.Dollar/Japanese Yen (USD/JPY) Day Chart
USD/JPY Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: corrective
STRUCTURE: orange wave Y
POSITION:Navy blue wave 2 
DIRECTION NEXT LOWER DEGREES: Navy blue wave 3
DETAILS orange wave X of navy blue wave 2 looking completed, now orange wave Y of 2 is in play.
Wave Cancel invalid level: 160.244
The USD/JPY Elliott Wave analysis on the daily chart focuses on identifying the trend within the market's current corrective phase. The primary function of this analysis is to follow the market trend while recognizing the corrective patterns that emerge during this period. The wave structure is categorized as orange wave Y, which is part of a larger navy blue wave 2. This indicates that the market is in the second corrective phase within a broader trend cycle.
 
The mode of the analysis is corrective, highlighting that the market is undergoing adjustments rather than a straightforward upward or downward trend. The corrective phase is identified as orange wave Y, following the completion of orange wave X within the navy blue wave 2. This positioning suggests that the market is transitioning through the second corrective phase, which is crucial for understanding future price movements.
 
In terms of wave direction and degrees, the analysis indicates that the next lower degree is navy blue wave 3. This points to the expectation that once the current corrective phase within orange wave Y is complete, the market will transition into navy blue wave 3. This transition marks a shift from the current corrective phase to a new wave cycle, potentially initiating a new trend direction.
 
Detailed observations in the analysis note that orange wave X of navy blue wave 2 appears to be completed. This completion signifies that the market has finished one part of the correction and has now moved into orange wave Y. This ongoing phase will continue the corrective trend before the market potentially transitions into navy blue wave 3.
 
An essential aspect of this analysis is the wave cancel invalid level, set at 160.244. This level acts as a critical threshold for validating the current wave structure. If the market price exceeds this level, the existing wave count would be invalidated, necessitating a reevaluation of the Elliott Wave analysis and possibly altering the market outlook.
 
In summary, the USD/JPY daily chart analysis indicates that the market is in a corrective phase within orange wave Y, which is part of navy blue wave 2. The completion of orange wave X suggests that orange wave Y is now active, continuing the corrective trend. The wave cancel invalid level at 160.244 is pivotal for confirming the current wave count and guiding future market expectations based on Elliott Wave principles.

Forex24.thumb.png.7f02042b6e0f4d7e6b6f1e992a0fcad5.png

 

U.S.Dollar/Japanese Yen (USD/JPY) 4 Hour Chart
USD/JPY Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: corrective
STRUCTURE: orange wave Y
POSITION:Navy blue wave 2
DIRECTION NEXT LOWER  DEGREES: orange wave 1 of 3
DETAILS orange wave X of navy blue wave 2 looking completed, now orange wave Y of 2 is in play.
Wave Cancel invalid level: 160.244
The USD/JPY Elliott Wave analysis on the 4-hour chart focuses on identifying and tracking the trend within the market using a corrective mode. The current wave structure is classified as orange wave Y, positioned within the broader context of navy blue wave 2. This indicates that the market is undergoing a corrective phase as part of the overall wave pattern.
 
The primary function of this analysis is to observe and interpret the trend behavior in the USD/JPY market. The corrective mode signifies that the market is currently experiencing an adjustment or retracement within the larger trend. Specifically, orange wave Y is in play, indicating an ongoing correction within the framework of navy blue wave 2.
 
The direction for the next lower degrees is identified as orange wave 1 of 3. This suggests that once the current corrective phase in orange wave Y is complete, the market is expected to transition into the next phase, known as orange wave 1 of 3. This phase will likely mark the beginning of a new trend sequence following the completion of the current correction.
 
Detailed observations in the analysis indicate that orange wave X of navy blue wave 2 appears to be completed. This means that the market has likely finished the preceding corrective phase and is now moving into orange wave Y of 2. This ongoing wave will continue the corrective pattern within the broader navy blue wave 2 context.
 
An important aspect of this analysis is the wave cancel invalid level, set at 160.244. This level serves as a critical point for maintaining the validity of the current wave structure. If the market price exceeds this level, the current wave count would be invalidated, necessitating a reassessment of the Elliott Wave analysis and potentially altering the market outlook.
 
In summary, the USD/JPY 4-hour chart analysis indicates that the market is currently in a corrective phase within orange wave Y, which is part of the larger navy blue wave 2. Once orange wave Y is complete, the market is expected to transition into orange wave 1 of 3, initiating a new trend sequence. The wave cancel invalid level at 160.244 is crucial for confirming the current wave count and guiding future market expectations based on Elliott Wave principles.
Forex24(1).thumb.png.119dec70c139265c30f2e00371e3a945.png
 
Technical Analyst Malik Awais
Source : Tradinglounge.com get trial here!
 

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

    • As the bull run approaches, it's imperative to interact with exchanges that are secure and user-oriented. One way to assess this is by looking at their practice of constantly updating their Proof of Reserves (POR) and protection funds, which showcases transparency.   Bitget recently published its updated Proof of Reserves, reflecting a strong financial position with a total reserve ratio of 166%. This update underscores their commitment to transparency and user fund security, offering users reassurance about the platform's asset backing and liquidity.   The Proof of Reserves report provides an in-depth look at the exchange's holdings, detailing reserve ratios for major assets, including Bitcoin, Ethereum, and Tether (USDT). Each of these assets maintains a reserve ratio significantly above 100%, indicating that Bitget holds more than the total user balances in these assets, ensuring full backing and coverage.   By maintaining high reserve ratios, this demonstrates its proactive approach to safeguarding user assets and its dedication to best practices in asset transparency and security within the cryptocurrency industry. What do you think about this practice?
    • Bitcoin has been on a brilliant surge, reaching a new ATH of around $89,864. Although the price might have slumped slightly since then, it still has a thrilling 30% surge over the past seven days and 102% surge in 2024, while expectations are rife that its price could rise significantly higher before the end of 2024. Historically, whenever the world’s biggest cryptocurrency is on a tear as this, the market comes alive. While this has also applied in this current surge, memecoin enthusiasts will be keen to witness exponential pump orchestrated by the Bitcoin’s happy mood. For a good part of the year, memecoins have garnered the most attention particularly within Solana and Ton ecosystems, if memecoin market will witness a major rally, then these ecosystems will surely be on the forefront. With this likelihood, all eyes seems to be fixated on PNUT, a meme token on Solana Blockchain. The token pays homage to Late PNUT, a social media sensation squirrel rescued in 2017 by Mark Longo after its mother was killed by a car in New York City. Backed by Beeple, Elon Musk, Doge, Wif, and Justin Sun; PNUT successfully launched on Bitget where its volume is on the rise.  Bitcoin soars, could PNUT and other meme gaints respond accordingly?
    • Tron (TRX) has been showing impressive growth lately. Currently trading between $0.16 and $0.17 as per Coinpedia Markets, the price has increased by nearly 32% over the past six months. This steady upward movement is backed by bullish technical indicators, including a Relative Strength Index (RSI) above 50 and a positive MACD. These signals suggest that TRX could continue to rise, especially if it breaks through its nearest resistance at $0.17. If that happens, TRX Price may reach the next level of $0.18, offering a potential gain of about 6%. Support Levels and Stability Support levels for TRX are currently at $0.16 and $0.15, providing some downside protection. Both the 10-day and 100-day simple moving averages at $0.16 indicate that TRX has maintained price stability in recent weeks. Although the price has shown moderate changes, with a 0.15% increase over the past week and a 3.52% rise over the last month, the overall trend remains positive. Rounding-Bottom Reversal and Fibonacci Levels Tron Coin is also forming a rounding-bottom reversal pattern, currently testing the 38.20% Fibonacci level at $0.1686. This technical setup could signal a bullish breakout if TRX manages to break above this key level. The broader price action also shows a rising wedge pattern, which increases the chances of a successful breakout as the market recovers. Network Growth Supports Tron Crypto Price On the network front, Tron has seen impressive growth. TronScan reports that the total value locked (TVL) on the network has surpassed $18 billion, with daily transactions nearing 9 million. The number of accounts has also grown significantly, reaching 271.38 million. This positive network activity supports a strong Tron Price Prediction as demand for Tron Crypto continues to rise. With increasing momentum and network growth, TRX Crypto seems poised for further gains.
×
×
  • Create New...
us