Elliott waves analysis – USD/JPY. Completion of the first part of the upward correction.

The situation with the considered pair fully confirms the previously discussed wave scenario. During the last trading day, there was a rapid rise, likely driven by the beginning of the formation of a corrective structure, which is considered a simple zigzag. At the moment, wave a has been formed, indicating that we may soon see a decline aimed at forming wave b. Trading in this wave is not recommended, as wave b may form in a horizontal plane without making any strong price movements.

Therefore, in the current situation, it is advisable to close previously opened long positions and switch to a mode of waiting and observation.