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 USDJPY Elliott Wave Analysis Trading Lounge Day Chart, 27 November 2023U.S. Dollar/Japanese Yen (USDJPY) Day ChartUSDJPY Elliott Wave Technical AnalysisFunction:  Counter TrendMode: ImpulsiveStructure: blue wave 1 of 1Position: black wave CDirection Next Higher Degrees: corrective blue wave 2  Details: blue wave 1 of wave 1 is in play after that wave 2 as correction expected. Wave Cancel invalid level: 151.937The “USDJPY Elliott Wave Analysis Trading Lounge Day Chart” dated 27 November 23, presents a comprehensive examination of the U.S. Dollar/Japanese Yen (USDJPY) currency pair using Elliott Wave analysis. This analysis, conducted on a daily chart, provides insights into potential future price movements, with a particular emphasis on countering the prevailing trend.The identified “Function” in this analysis is labeled as “Counter Trend,” indicating an intention to analyze potential corrective movements against the existing trend. The market is assessed to be in an “Impulsive” mode, suggesting that the current price action may be indicative of a strong directional movement.The specific “Structure” under consideration is denoted as “blue wave 1 of 1.” This implies that the analysis is focused on the first impulsive wave of a potentially larger Elliott Wave structure.The designated “Position” is clarified as “black wave C,” indicating that the analysis revolves around the completion of a corrective phase within the larger Elliott Wave pattern.Concerning the “Direction Next Higher Degrees,” the analysis points to “corrective blue wave 2.” This suggests an anticipation of a corrective wave at a higher degree within the overarching Elliott Wave structure, indicating a potential reversal or retracement after the completion of the current impulsive wave.In terms of “Details,” the report notes that “blue wave 1 of wave 1 is in play after that wave 2 as correction is expected.” This implies a focus on the development of the first impulsive wave, with an expectation of a subsequent corrective wave (wave 2). The “Wave Cancel invalid level” is set at 151.937, offering traders a critical reference point. A breach of this level could lead to a reconsideration of the current wave count.In summary, the USDJPY Elliott Wave Analysis on the daily chart suggests a counter-trend perspective, emphasizing the completion of a corrective phase and the potential initiation of a corrective wave. Traders are provided with valuable insights for medium-to-long-term decision-making, with the invalidation level serving as a crucial guide.Technical Analyst: Malik AwaisMore By This Author:Elliott Wave Technical Analysis Day Chart: Australian Dollar/Japanese Yen – Friday, Nov. 24
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