Elliott waves analysis – USD/JPY. The initiative remains with the buyers.

The situation with this pair remains stable. As expected, after breaking the resistance from the Japanese yen, the dollar is slowly moving in the desired direction. This type of movement is likely to continue until wave 3 is fully formed. And it seems that wave 3 will be extended, so its completion is unlikely to happen soon. Therefore, holding previously opened buy positions and opening additional ones if possible is a good trading decision, as the potential for the current movement is quite significant. However, no matter how clear the situation seems, it is important not to neglect setting protective stop loss orders.