Elliott waves analysis – USD/JPY. Price Continues to Keep Intrigue.

While the dollar may be experiencing certain difficulties against major European currencies, the situation with the yen remains stable. The price remains within a defined correctional structure and could either rise rapidly or fall rapidly.

The latter scenario remains dominant for now, as the recent upward movement closely resembles a correction in the form of a double zigzag. Moreover, the price maximum has not yet been surpassed.

A breakthrough of the indicated level would be the factor that cancels the considered wave scenario. Until that happens, the breakthrough of the designated support level is considered a signal to enter short positions.