Elliott waves analysis – USD/JPY. Resumption of downward movement is expected.

During the previous trading day, there weren’t any significant changes in the USD/JPY pair. The dollar is attempting to hold its ground at current levels, but its strength is diminishing. While a brief pause and a continuation of the uptrend cannot be ruled out, overall, the initiative lies with the sellers, and the current bounce is viewed as a correction.

During today’s trading session, the downward movement may resume, aiming to form the third wave of the emerging downward impulse at a lower time frame. It’s important to be prepared for this scenario. Opening sell positions is recommended below the 154.70 level.