Elliott waves analysis – USD/JPY. The Situation Remains Favorable for Selling.

After a sharp reaction from sellers to the sudden upward movement, the situation has begun to stabilize at a certain price level. Both sides have expended considerable effort, but ultimately one of the opposing parties will prevail. Currently, the initiative lies with the sellers, as they have managed to halt further advances by buyers.

Moreover, the wave pattern indicates the possible completion of the entire upward impulsive cycle with a final diagonal triangle in wave v.

Therefore, it is recommended to consider the possibility of entering into sell positions at the current market price.