Elliott waves analysis – USD/JPY: Price Remains Within the Channel Forming an Ending Diagonal Triangle.

The price attempted to quickly reach the upper boundary of the presumed ending diagonal triangle but fell short. It is possible that this entire wave structure has completed, which would lead to a prolonged impulsive decline.

However, there remains a scenario where the dollar makes another attempt to reach the upper boundary, delaying the downward movement indefinitely. This alternative is schematically represented in the provided chart.

In any case, it is essential to wait for a clear sell signal before taking any trading actions. Until such a signal appears, it is advisable to stay out of any trading positions and observe the situation.