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 USDJPY Elliott Wave Analysis Trading Lounge Day  Chart, 9 November 2023U.S.Dollar/Japanese Yen (USDJPY) Day ChartUSDJPY Elliott Wave Technical AnalysisFunction:  Counter TrendMode: Motive(ending diagonal)Structure: red wave 5 of CPosition: Z OF BDirection Next Lower Degrees: new Downtrend  Details: wave 4 of C is looking completed at 149.185, now wave  5 of C is in play and near to end, after a new downtrend expectedThe “USDJPY Elliott Wave Analysis Trading Lounge Day Chart” for 9 November 23, provides valuable insights into the dynamics of the U.S. Dollar/Japanese Yen (USDJPY) currency pair. It employs the Elliott Wave theory to forecast potential market developments and offers traders a comprehensive perspective.The analysis defines the market’s “Function” as “Counter Trend,” indicating that the current price movement goes against the prevailing trend. This is essential information for traders looking to profit from short-term fluctuations.It characterizes the “Mode” as “Motive (ending diagonal).” A “Motive” mode suggests that the market is in a directional phase, and the reference to an “ending diagonal” implies a probable terminal pattern, typically found in the latter stages of a trend.The analysis outlines the “Structure” of the market as “red wave 5 of C.” This signifies that the market is currently in the fifth wave of a broader corrective pattern, likely a part of a complex Elliott Wave structure.The “Position” is identified as “Z OF B,” indicating a significant point within a corrective pattern. In Elliott Wave theory, “B” waves are often part of complex corrections preceding the final wave of a larger structure.In the “Direction” aspect of lower degrees, the analysis states a “new Downtrend.” This is a pivotal insight for traders, suggesting that the correction discussed may be the precursor to a more extensive downward trend. Traders can utilize this information to make well-informed trading decisions.The analysis underlines the status of “wave 4 of C,” indicating that this specific sub-wave of the correction has possibly completed at 149.185. Understanding which sub-wave is unfolding is crucial for traders in evaluating potential price targets and reversal points.An essential reference point, the “Wave Cancel invalid level,” is highlighted at 149.125. This level is of great significance in risk management and trade decision-making. A breach of this level might indicate a shift in the anticipated market structure.To sum up, the USDJPY Elliott Wave Analysis on the Day Chart suggests a Counter Trend scenario characterized by a Motive Mode, specifically an ending diagonal structure. The market is currently navigating the fifth wave of the correction (wave 5 of C), and a “new Downtrend” is expected to follow. Traders should closely monitor the Wave Cancel invalid level at 149.125 as it represents a crucial point for risk management.Technical Analyst: Malik AwaisMore By This Author:Elliott Wave Technical Analysis: ETHUSD – Thursday, November 9
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