Elliott waves analysis – USD/JPY. Expectations for a corrective price increase remain.

Contrary to expectations of the beginning of a corrective rise, the price continued to move down. The assumption about the completion of the downward impulse turned out to be incorrect. However, the considered impulse is still close to its completion. This may happen as early as the next trading day.

If this really happens, we can expect a fairly good corrective rebound in the future. Presumably, the movement will be formed in the form of a simple zigzag. But even this will be enough to conclude short-term buy trades.

Thus, in the current situation, it is recommended to actively consider the possibility of opening buy positions.