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USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 18 December 2023U.S.Dollar/Japanese Yen (USDJPY) 4 Hour ChartUSDJPY Elliott Wave Technical AnalysisFunction: Counter TrendMode: ImpulsiveStructure: red wave 1 of blue wave 3Position: black wave 1Direction Next Higher Degrees: red wave 2 of 3Details: Red wave 1 of blue wave 3 is in play. Wave Cancel invalid level: 149.776The “USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart” dated 18 December 23, delves into the intricacies of the U.S. Dollar/Japanese Yen (USDJPY) currency pair. Employing Elliott Wave analysis, it provides a comprehensive understanding of the prevailing market conditions and potential future movements.The identified “Function” is “Counter Trend,” indicating that the focus of the analysis is on discerning and understanding potential corrective movements against the prevailing trend. This is crucial information for traders as it provides insights into possible reversals or retracements.The specified “Mode” is “Impulsive,” suggesting that the current market phase is characterized by strong, directional price movements. In this context, “Impulsive” likely refers to the strong downward movement denoted by the “red wave 1 of blue wave 3.”The primary “Structure” involves “red wave 1 of blue wave 3,” providing information about the current wave’s placement 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. This context aids traders in comprehending the ongoing market dynamics and making informed decisions.In terms of “Direction Next Higher Degrees,” the projection is “red wave 2 of 3,” signifying the expected 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 highlights that “Red wave 1 of blue wave 3 is in play,” indicating that the market is currently in a downward impulsive wave. Traders can use this information 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 the prevailing market conditions.In summary, the USDJPY Elliott Wave Analysis for the 4-hour 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 utilize this information for a comprehensive understanding of market conditions and to align their strategies accordingly.Technical Analyst: Malik AwaisMore By This Author:
Elliott Wave Technical Analysis 4 Hour Chart: U.S. Dollar/Japanese Yen – Monday, Dec. 18
