Elliott waves analysis – USD/JPY. The corrective wave continues its development.

Earlier, there was an assumption that the price would decline a bit more before attempting to rise again. However, during the recent trading session, buyers once again took the initiative, not only stopping the decline but also recovering half of the recent decrease. However, it is not yet time for the development of wave c of (ii). Most likely, in the near future, we will see another downward wave, and the presumed wave b will take the form of a well-identifiable zigzag.

Only after this, it would be good to see an upward movement aimed at completing the formation of wave (ii). In any case, it is not advisable to rush into making any trading decisions.

In the current situation, it is recommended to wait out the current trading day, observing the developments from the sidelines.