Elliott waves analysis – USD/JPY. The yen is expected to attempt to break through the buyers‘ defense.

The designated support level remains the priority target for sellers. It is likely that another attempt will be made soon to breach this defensive line of buyers. This time, it may end successfully, considering the possible weakening of the dollar against the euro and the pound.

Thus, the previously considered scenario remains relevant. A decline is expected as part of the formation of wave (iii) of the downward impulse.

The signal for entering sell trades remains the breakout of the designated support level.