Elliott waves analysis – USD/JPY. The dollar just won’t settle down.

The proposed scenario did not sit well with buyers. The sudden sharp downturn in price was vigorously bought up, and the exchange rate quickly began to return to its maximum. If this trend continues, there is a high probability that we will see a new maximum.

Overall, the situation is quite favorable for a reversal and a downward movement. The remaining trading days of this week may clarify the situation, and if we see active selling again in the near future, we can conclude that a reversal has occurred and a bearish phase has begun.

It’s best to wait before opening any positions for now.