Analysis of wave counting:
At the beginning of yesterday's trading, the pair USD / JPY reached the maximum on Friday and held in the range for the rest of the day, remaining near the level of the 114th figure. The resulting wave situation allows us to assume that the currency pair has made another attempt to designate the top of the 5th wave, c, c, E, C, (B) and go into the stage of forming the first generating waves in the composition of the future wave (C). If this is the case, then from the high of the past day, or after the growth of quotations almost to the level of 115.00, the currency pair will still execute the turn, as evidenced by a rather convincing divergence of MACD.
.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, (B). In the framework of the construction of the wave c, c, e, c, c (B); the increase in quotation 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).
