Elliott waves analysis – USD/JPY. The price continues to decline.

The situation for this pair also continues to develop within the previously considered wave scenario. It is worth recalling that the formation of a large correction in the form of a zigzag probably ended, where wave C received a final diagonal triangle as the fifth wave. This model is a strong signal for a reversal, which presumably occurred. The price moved down and broke through the lower forming of this diagonal triangle, signaling a trend change and the possibility to enter sell deals.

However, the situation is unlikely to be exhausted. After a slight correction, a further downward impulse movement is expected, so it is worth keeping the previously opened sell deals in operation and trying to open additional ones if possible.