Elliott waves analysis – USD/JPY. Price takes a corrective pause.

After the breakdown of the upward structure, representing the breakdown of the minimum of the second wave in the final diagonal triangle, the downward movement immediately stopped abruptly. Presumably, a downward impulse formed, which is the first wave in the impulse of a larger time frame. Then, in the near future, we may see the formation of a correction, which may take some time. For this reason, it is better to forget about opening any deals for now, and start taking profit on previously opened positions.

It is worth observing the formation of the expected corrective structure from the side without trying to participate in it, as the nature of price movement can be very unpredictable.

In this situation, it is better to wait for the moment of resumption of the downward movement.