Elliott waves analysis – USD/JPY. Completion of the upward correction is expected.

The assumption of an imminent reversal in the price movement direction is not yet confirmed. Buyers persistently try to push the price higher, quickly recovering from emerging corrections. It is possible that we will see another update of the local maximum shortly, after which sellers will attempt to resume the decline.

It is expected that this will mark the completion of the corrective wave (ii), which takes the form of a double zigzag. The critical level in the form of the maximum set by the presumed wave 5 still remains an important value, the breakthrough of which would invalidate the considered wave scenario.