Analyzing USD/JPY on the 15-minute chart using Elliott Wave Theory, I observed that wave (5) marked the end of the recent upward move. Following this, wave (a) initiated a significant downtrend, and the recent upward correction formed wave (b). Now, I am expecting wave (c) to continue the downtrend. The first potential target for wave (c) is around 155.778, which aligns with the length of wave (a). If the downward momentum continues, wave (c) could extend to 155.45, corresponding to the 1.618 extension of wave (a). This setup suggests a short position on USD/JPY.
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