Elliott waves analysis – USD/JPY. Another attempt by sellers to initiate an impulsive decline.

The dollar failed to continue its strengthening. The 61.8% Fibonacci level appears to be an insurmountable obstacle for the price. The assumption of a prolonged impulsive decline is highly likely to materialize.

The price is tentatively attempting to move downward. Over time, the rate of decline will increase, and the dollar’s value will fall to previously established local lows, which are still a considerable distance away. This provides an opportunity for potentially good profits if entering short positions as early as possible.