Elliott waves analysis – USD/JPY. The price may begin impulsive decline.

While the euro and pound, under pressure from the dollar, once again updated their local lows, the yen was able to resist. Now, when the dollar’s positions look weak, the Japanese currency has good chances to significantly strengthen. It is clear that there is no need to talk about continued growth in this regard. Then it is worth considering the option in which the downward movement can fit into the current wave pattern.

Perhaps the development of an upward impulse with a final diagonal triangle in its fifth wave has already been completed, and with it the development of an upward correction has also been completed. Then the next trading week may be favorable for concluding sell transactions. The signal to action will be the breakdown of the lower forming line, although you can try to act ahead of schedule by opening positions at current market values.