Elliott waves analysis – USD/JPY. Expectations of impulsive price decline remain.

The price cannot move, hovering near the previously established local high. The overall situation remains the same. The beginning of impulsive decline is still expected. This is because the development of a large correction, which took the form of a plane, has presumably ended.

The correction is replaced by the impulsive phase, so the beginning of a prolonged impulsive movement is expected in the near future. The expected movement is likely to be the third impulsive wave in the emerging large downward impulsive movement, so its potential looks impressive, and it is definitely worth trying to participate in it.