Elliott waves analysis – USD/JPY. Correctional growth is developing.

As expected, the price perceived the previously breached resistance level as support and attempted to rise. Most likely, the current observed growth is corrective in nature, and we may soon see a resumption of the downward movement.

Therefore, it is advisable to closely monitor the further behavior of the price. Opening sell positions at the current market levels is quite risky as the price may rise further. The most optimal signal at the moment would be a consolidation below the same level, although the market will definitely provide an opportunity to sell at more attractive prices.

While there is this uncertainty, it is recommended to stay out of the market and observe the situation from the sidelines.