Elliott waves analysis – USD/JPY. Price May Start to Decline.

While there’s a positive wave of movement forming for major European currencies relative to the dollar, the Japanese yen hasn’t been able to find any significant arguments in its favor. As a result, the dollar has approached its local maximum again. Perhaps this is the cunning plan of sellers: to allow the price to reach the extreme and then use it as support to initiate a strong push downwards.

At the moment, this possibility looks quite realistic, and I would recommend starting to sell at the current market values, setting a protective stop loss slightly above the current local maximum.

A swift decline in price could mark the beginning of the development of the presumed wave (iii) of the downward impulse in the considered wave scenario.