Elliott waves analysis – USD/JPY. Expectations of a decline in the third wave persist.

During the last trading day, there was a breakthrough of the indicated level, which is considered a signal for entering sell trades. However, the price has not yet managed to firmly establish itself below this level as buyers attempt to push it back up. Whether they will succeed or not will become clear during today’s trading session.

It is anticipated that the downward movement will still occur, as failure to do so would require adjustments to the current wave scenario, potentially even revising the entire wave count.

Currently, the expectation is for a breakthrough of buyer resistance and an active impulse decline driven by the development of the third wave in the emerging downward impulse.