Elliott waves analysis – USD/JPY: The Upward Cycle Might Be Completed.

The dollar has finally managed to reach the target, which was set at the upper boundary of the presumed ending diagonal triangle. This might indicate the completion of the entire upward impulse cycle. However, it is too early to draw conclusions.

Confirmation is needed in the form of a strong impulsive decline. After this, look for opportunities to enter sell trades during the subsequent corrective rise.

Alternatively, you can try selling at current market levels. In this case, the potential loss will be minimal since the price has just reached the target and the stop loss should be placed slightly above the current market value.