Elliott waves analysis – USD/JPY. Beginning of the development of the third impulse wave.

The past trading day for the considered pair was quite calm. Buyers ceased their attempts to break through higher levels, and their opponents took advantage of this. However, they did not gain any significant benefits from it. The price simply decreased slightly. But this could be the first step towards the development of a prolonged downward impulse.

This is due to the formation of wave iii. A possible signal in this situation could be a breakout of the indicated level.

Thus, we can „catch“ the movement almost at the very beginning of its development. The targets for it are far below the current local minimum, so it is worth paying close attention to the potential signal.