Elliott waves analysis – USD/JPY. Price Set for Prolonged Impulse Decline.

The trading pair under consideration has finally started moving. The price has remained in a sideways range for a long time, relying on the designated support level. The breakthrough of this level led to a strong downward movement.

Thus, the development of an impulse, which is part of wave (iii), has presumably begun. If this is indeed the case, we may expect a prolonged downward movement with a new low below the minimum set in late December of last year.

In light of this, previously opened sell positions are recommended to be kept active, and additional positions may be opened as opportunities arise.