Elliott waves analysis – USD/JPY. Potential for a bearish third wave.

Despite a brief rise, the USD/JPY pair remains poised for a bearish movement. Having reached half of the preceding impulse decline, the market has begun a correction, which is likely to culminate in a resumption of the downward trend.

This correction phase is likely near completion, suggesting an imminent resumption of the bearish trend. This would entail a strong downward move in the third wave of the ongoing bearish impulse.

Traders can seize this opportunity by entering sell positions at the current market level, taking advantage of the likely continuation of the decline.