Elliott waves analysis – USD/JPY. The price continues to ponder its next steps

Approaching its highs, the price has paused, waiting for factors that could significantly influence its further movement. A slight upward surge could lead to the start of liquidating previously opened sell positions, with protective stops set at the indicated level. This could trigger a strong impulse upward movement.

However, if selling pressure does push the price down from its current levels, the considered scenario may gradually begin to unfold. In that case, the movement will gradually gain momentum, but in a downward direction.

For now, as the price remains in this suspended state, it is not recommended to take any trading actions.