Elliott waves analysis – USD/JPY. The current rise may soon come to an end.

The resistance level considered previously had no impact on buyers. The price continued to rise, ominously approaching the initial point of the rapid decline. At the moment, the movement has exceeded the 61.8% Fibonacci retracement level. It is quite possible that somewhere in this area, the price will stop and start moving down again.

At least, the current rise is considered a correction, so expecting a new maximum is not advisable.

However, selling at the market again is extremely risky. In the current situation, it is recommended to wait for a reversal and the beginning of a price decline, and then see where it will be safe to open sell positions.

Until then, it is best to stay out of the market and observe developments from the sidelines.