USDJPY - SELL IDEA

On the 4-hour chart for USD/JPY, I've identified a compelling Elliott Wave pattern that has recently unfolded. The sequence began with a strong bullish wave (1), followed by a retracement (2), leading into a vigorous and extended third wave (3) that outpaced the previous impulses. After completing this powerful climb, the market entered a corrective phase (4), which appears to be setting the stage for the final wave (5).

This final impulse wave (5) seems to have reached a peak and has now transitioned into a corrective pattern marked as (a), (b), and potentially (c), which I've projected could find support around the 1.618 Fibonacci extension level at 148.863. This level is significant as it aligns with the golden ratio, a common reversal point in markets following the Elliott Wave principles.

I'm closely monitoring the price action for confirmation of this pattern, as the completion of the corrective waves could present a strategic entry point. The confluence of Elliott Wave theory and Fibonacci retracement levels offers a robust framework for anticipating potential market turns. As always, I remain vigilant for any deviations from the expected pattern, ready to adapt my strategy to the ever-dynamic forex market.