Elliott waves analysis – USD/JPY. Continuation of the Formation of a Corrective Structure.

The rapid price decline, as anticipated, has concluded. A clear downward impulse has formed, followed by a price increase. However, a prolonged upward movement is unlikely. The current attempt by buyers to recover appears to be corrective in nature, and the movement is likely to take the form of a zigzag.

The expected price trajectory for the near future is schematically indicated on the chart above. The potential for growth is minimal, and the situation is not yet suitable for selling.

Therefore, it is recommended to close previously opened buy positions. It is also advisable to refrain from entering any new positions until the current corrective structure has fully developed.