Elliott waves analysis – USD/JPY. The yen is showing signs of life again.

There were no significant changes in the past trading day for this pair. The price, having once again updated the local maximum, sharply rolled back down. However, it is unlikely that this is the beginning of a reversal. Most likely, this is how wave 4 formed in a possible forming final diagonal triangle. In this case, in the near future, we may see a resumption of the upward price movement, during which the local price maximum will be updated again. And then, we can again consider the option of a reversal of the price movement vector.

It is still assumed that a large correction is forming, which completes the development of wave c, with a final diagonal triangle in wave 5. The expected price movement trajectory for the near future is shown on the provided chart. It is not recommended to open any trading positions in this situation. It is worth waiting for the completion of the development of the specified wave c and starting to sell.