Elliott waves analysis – USD/JPY. No changes occurred over the past day.

The enthusiasm of buyers has slightly decreased. The speed of movement noticeably dropped, but the price remained at the same levels. Sellers urgently need to find some counterarguments in favor of starting a downward movement; otherwise, the situation for them could end quite unfavorably.

Buyers seriously threaten to update the highs of the current and previous year, complicating the well-developed wave pattern. For now, the situation is relatively under control, so we continue to observe it without taking any active actions. We need to wait for activity from the sellers and base our trading decisions on that. Until then, it is recommended to stay out of the market and wait.