Elliott waves analysis – USD/JPY. Awaiting the completion of the current correction.

The expectation that the price will continue falling due to the ongoing correction in the form of the double zigzag is now doubtful. The recent rally indicates that the bearish pressure is easing, and the price has not reached the target level of 91.4% according to the Fibonnacci Retracement. Thus, there remains a chance for a further rise, completing the correction.

Considering the current situation, it would be prudent to refrain from hasty trading decisions and observe whether the price manages to achieve the intended goal. If the price does not rise significantly, it may indicate that the correction is still ongoing.