Elliott waves analysis – USD/JPY. Yen’s last chance.

The assumption about the development of a correction in the form of a double zigzag, apparently, is erroneous. The dollar is confidently recovering, paying no attention to the yen’s attempts to renew the so successfully begun counteroffensive.

However, the chance that the uptrend is corrective still remains. To do this, the entire growth can be represented as a flat, in which the final part-wave C is being formed, which has an impulsive character.

There is also a target level that buyers may strive for – this is 61.8% using Fibonacci retracement relative to the previously formed downward impulsive wave.

Thus, it is exactly somewhere near this level that opportunities for entering sell deals should be sought, until then, it is worth watching the development of events from the outside.