Analysis of wave counting:
On the second half of yesterday's trading, working off the mark of 114.50 resulted in a fall in the price of the pair USD / JPY by almost 80 bp. from the maximum reached in the middle of the day. It can be assumed that the currency pair has made another attempt to complete the formation of the 5th wave in c, c, E, C, (B) and designate the beginning of the future wave (C). At the same time, the currency pair retained the potential to resume the growth of quotations and, thereby, give the whole wave c, c, e, c, c (B) an even more complex and expanded form.
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 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). An unsuccessful attempt to break through the level of 114.72 may lead to the completion of the wave (B).
