Elliott waves analysis – USD/JPY. Awaiting a Reversal.

As expected, the price continued to rise. However, the movement has been smooth without any sharp spikes in activity. It is also worth noting that a new maximum has been updated. It is possible that buyers will settle down again and sellers will be able to take advantage of this. Moreover, all waves in the upward impulse appear complete and fully formed.

For greater confidence, it is necessary to wait for the start of a decline and the appearance of a corrective movement. After this, it is advisable to try selling on the break of the newly formed local minimum.

Until this moment, it is recommended to continue observing the situation from the sidelines and not to engage in any active trading actions.