Elliott waves analysis – USD/JPY. The price is contemplating its next direction.

The dollar has strengthened against the Japanese currency. During the past trading day, the price rose and updated the local high. However, the overall situation still suggests that the formation of a correction, which is a plane, where waves a and b are zigzags, and wave c is an impulse, has continued and possibly ended.

The election results may have given the dollar additional energy, which was used for another update of the local high. However, there may not be enough strength for new feats. Then, the price may start a decline that will be prolonged and impulsive. In this case, it is worth waiting for a while and seeing how events develop. If there is a reversal and a start of a decline, consider the possibility of entering into sell transactions.