Elliott waves analysis – USD/JPY. The Correction Development Will Continue.

After forming a clear impulse movement, the price began to rise. This rise, as previously indicated, is very likely to be corrective and will probably take the form of a zigzag. The main part of this corrective pattern has already formed, and the price needs to attempt another rise, as indicated on the provided chart.

Following this, the price is expected to resume its impulse decline, where opportunities for entering sell trades can be sought.

Another possible scenario is the formation of a prolonged sideways market, where activity sharply decreases, and the price trades within a narrow range, occasionally attempting to either rise or fall. This type of price movement could extend for a considerable amount of time.

In any case, the situation remains unfavorable for entering any trades. Therefore, it is recommended to stay out of the market and wait for a better opportunity.