Analysis of wave counting:
Friday's USD / JPY trades started from the upward movement, adding about 100 bp in price and broke the 114th figure level in the afternoon. Thus, we can assume that the currency pair continued the formation of the 5th wave, c, c, E, C, and (B). If this is so, the currency pair will not be able to make a turn almost from the maximum reached on the last day of last week, then it may have good prospects for the growth of quotations to the level of 115.00.
Objectives for a downward wave option:
111.98 - 38.2% by Fibonacci
111.24 - 50.0% by Fibonacci
Objectives for an upward wave option:
114.72 - 127.2% by Fibonacci
115.00
General conclusions and Trading recommendations:
The tool continues to build the wave E, C, and (B). In the framework of the construction of the wave c, c, e, c, c (B), the increase in quotations continues with targets near the estimated level of 114.72, which corresponds to 127.2% of Fibonacci. After the completion of the construction of this wave, the instrument can go into the stage of a long decline within the wave (C).
