Elliott waves analysis – USD/JPY. The corrective rise may be nearing completion.

The euro and the pound are currently attempting to shift their dynamics with the dollar in their favor. It’s likely that the Japanese yen will make a similar attempt. The situation is conducive to this, and delay could lead to irreversible consequences.

Considering this, it’s possible that the upward correction in the form of a double zigzag is complete. Therefore, we may see a beginning of a decline in the near future. However, it’s not advisable to rush into selling at current market values. It’s necessary to wait for the entry of an impulsive movement and attempt to sell during the formation of the correction.

Until then, it’s better to refrain from any trading positions.