Forex Trading Analysis
Hello, guys, today is Friday, August 2nd, 2024 I am going to analyze usdjpy currency pair let us start with the top-to-bottom Eliot wave analysis inside the daily time frame the trend is down in the USD currency Pair daily time frame resistance is present at 161.405 resistance area is going to end down Trend in the daily chart of usdjpy currency pair
At a 4hour time frame price action is sprinting lower swing highs into lower swing lows to me USD YEN pair Trend looks down in the 4hour time frame
At 1-hour time frame, the trend is down in the 1-hour chart, intraday resistance is present at 151.58 price level price action is the most likely going to rise to print bullish wave four pullback and then drop to print bearish wave five impulse leg which offers a chance to join the downtrend in USD YEN pair a decisive bullish breakout above 151.58 resistance level is going to end downtrend in the hour chart of the United States dollar versus Japanese yen currency pair
More specifically the red color highlighted area offers a selling opportunity which is the the previous fourth wave of one lesser
