Elliott waves analysis – USD/JPY. Target for Upward Movement Reached, Awaiting Reversal.

The dollar, which had been quietly moving within the upward channel for quite some time, suddenly surged and not only reached the target at the upper boundary of this channel but also exceeded it. A new price high is about to be reached again. This scenario is still acceptable within the current wave analysis.

However, a swift and strong response from sellers is necessary; otherwise, the price could soar much higher than acceptable levels, requiring a reevaluation of the wave count.

For now, it is recommended to continue observing the market from the sidelines, waiting for a favorable moment to enter a good trade.