Elliott waves analysis – USD/JPY. Final dollar rally expected.

As anticipated, the USD/JPY pair has shown no significant decline. Instead, buyers are eager to exploit the existing upward momentum. There is a strong desire among them to update the current local maximum, which provides a solid target at 61.8% according to the Fibonacci retracement.

With this goal in mind, it is reasonable to consider entering long positions at current market levels. The completion of the correctional structure, consisting of a plane, implies that the next move may be a sharp upward movement.

After reaching the desired level, positions should be closed, and other options, such as switching to shorts, should be explored.