Elliott waves analysis – USD/JPY. Correction development expected.

Strong price fluctuations dominated by bearish forces have led the exchange rate to break through a long-held resistance level. Now, this level may act as support for the price. We can already see the price attempting to rebound from it.

If buyers manage to utilize this support level, we may witness a decent price bounce. Therefore, it is recommended to close open sell positions and consider short-term buying opportunities, as the anticipated rise is likely to be corrective in nature.