U.S.Dollar/Japanese Yen (USDJPY) Day Chart Elliott Wave Technical Analysis 3 October 23

USDJPY Elliott Wave Analysis Trading Lounge Day  Chart, 3 October 23

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

USDJPY Elliott Wave Technical Analysis

Function:  main Counter Trend

Mode: corrective

Structure: C of Y

Position: Z of 2

Direction Next lower Degrees:Red wave 3  

Details:  wave C of Y of Z in play and near to end , after that major downtrend expected . Major Wave Cancel invalid level: 151.983

The USDJPY Elliott Wave Analysis, conducted on 3 October 23, delves into the daily chart of the U.S. Dollar/Japanese Yen (USDJPY) currency pair. This comprehensive analysis employs Elliott Wave theory to offer insights into potential market trends and price action. The primary focus of this analysis is to identify countertrend movements within the currency pair.

The chosen function for this analysis is "main Counter Trend," emphasizing the examination of market movements that oppose the prevailing trend. This approach aims to pinpoint potential corrections within the broader market structure.

The specified mode for this analysis is "corrective," signaling an expectation of corrective price movements. Corrective waves typically denote temporary interruptions in the existing trend, often hinting at a trend reversal or the emergence of a new trend.

The market structure under scrutiny is labeled as "C of Y." This designates the specific wave sequence within the Elliott Wave framework that is currently being analyzed. Understanding and interpreting wave sequences are fundamental to deciphering potential market dynamics.

In terms of position, the analysis refers to "Z of 2," providing context regarding the current wave position within the broader Elliott Wave structure. This indicates a focus on the development of this particular wave sequence.

The direction specified for the next higher degree is "Red wave 3," highlighting the analysis's concentration on monitoring and interpreting the upcoming Red wave 3 within the larger Elliott Wave framework.

The details provided in the analysis note that "wave C of Y of Z" is currently in play and approaching its potential conclusion. This suggests that the corrective wave sequence is nearing its final stages. The "Major Wave Cancel invalid level" is identified as 151.983, serving as a critical reference point for risk management and potential trade entry or exit levels.

In summary, the USDJPY Elliott Wave Analysis on 3 October 23, indicates an ongoing corrective phase within the Elliott Wave framework, with a primary focus on the developing "wave C of Y of Z." Traders and investors are advised to closely monitor this wave's progression and consider the specified invalid level for risk management purposes. This analysis is particularly valuable for those seeking trading opportunities within the USDJPY currency pair, especially if they aim to capitalize on counter trend movements.

Technical Analyst : Malik Awais

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