U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart Elliott Wave Technical Analysis 29 January 24

USDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 29 January 24

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

USDJPY Elliott Wave Technical Analysis

FUNCTION:  Counter Trend

MODE: Corrective

STRUCTURE:blue wave A of Y

POSITION: Red wave C

DIRECTION NEXTt LOWER DEGREES: blue wave A of wave Y(started)

DETAILS:blue wave C of black wave X looking completed at 148.810.  Now blue wave A of Y is in play . Wave Cancel invalid level: 151.961

The "USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 29 January 24, provides a comprehensive examination of the U.S. Dollar/Japanese Yen (USDJPY) currency pair through the lens of Elliott Wave Technical Analysis.

The "FUNCTION" is identified as "Counter Trend," indicating a focus on potential corrective movements against the primary trend. This suggests an expectation of a temporary reversal within the overarching downtrend in the USDJPY pair.

The "MODE" is specified as "Corrective," implying that the current phase involves price movements counter to the primary trend. Corrective waves are typically characterized by three-wave structures, often labeled as A-B-C.

The "STRUCTURE" is denoted as "blue wave A of Y," suggesting the wave count within the broader Elliott Wave pattern. This indicates the initial phase of a corrective structure labeled as wave A within a larger degree pattern labeled as Y.

The "POSITION" is identified as "Red wave C," pointing to the current subwave within the Elliott Wave count. Red wave C is part of the broader corrective structure.

Regarding the "DIRECTION NEXT LOWER DEGREES," the analysis highlights "blue wave A of wave Y (started)." This indicates that within the broader corrective structure, the subwave of blue wave A has commenced.

The "DETAILS" section notes that "blue wave C of black wave X looking completed at 148.810." This signals the end of a corrective phase within the Elliott Wave count. Additionally, the analysis states that "blue wave A of Y is in play," indicating the initiation of the next corrective phase.

The "Wave Cancel invalid level" is specified as "151.961." This level serves as a critical reference point, suggesting that a breach of this level could invalidate the current wave count, and traders should be attentive to movements around this level.

In summary, the USDJPY Elliott Wave Analysis for the 4 Hour Chart on 29 January 24, suggests a corrective counter-trend movement, with blue wave A of Y in progress. Traders are advised to closely monitor the market, especially focusing on the invalidation level at 151.961.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!