Elliott waves analysis – USD/JPY. The yen is still waiting for the right moment.

The Japanese yen cannot actively advance to significantly strengthen its positions. It only has enough strength to contain the dollar’s enthusiasm. However, the value of the yen is gradually decreasing. The current situation can still be considered a correction, and perhaps a turning point will occur soon. This is indirectly indicated by the situations in EUR/USD and GBP/USD, where a weakening of the dollar is expected soon.

But this is if the dollar really weakens, not the euro and pound strengthen. Then the chances of the expected reversal will increase, and we will see a strong downward movement. For now, it is better to take a break and observe the development of events from the sidelines.