Elliott waves analysis – USD/JPY. The yen remains inactive.

With the dollar losing momentum against European currencies, it still manages to hold its ground against the Japanese yen. However, it fails to make significant progress, resulting in the pair continuing to trade within a narrow price range.

Eventually, there will be a sharp increase in activity. It is expected to come from sellers, indicating a downward movement in price. This will lead to the development of wave (iii) of the descending impulse. The potential for movement is significant, making selling positions look very promising. The breakout of the indicated support level continues to serve as the signal for entry.