Analysis of wave counting:
On Tuesday, the level of 114.50 led to the expected price rebound and a fall in the pair USD / JPY to 112.25. The resulting wave situation allows us to assume that the currency pair has attempted to complete the formation of wave b and to designate the beginning of the future wave c, e, (B). At the same time, the currency pair retained the potential for resuming the growth of quotations to the levels of the 115th figure, so that wave c, b, e, (B) will further complicate its wave structure.
Targets for a downward wave option:
108.01 - 61.8% by Fibonacci
106.63 - 38.2% by Fibonacci
Targets for an upward wave option:
114.60 - 61.8% by Fibonacci
116.13 - 76.4% by Fibonacci
General conclusions and trading recommendations:
The pair USD / JPY continues to build the wave (B). This week, a decrease in quotations is expected (within the limits of wave c, e, (B)) with targets located near the calculated marks of 108.01 and 106.63, which is equivalent to 61.8% and 38.2% Fibonacci. The wave с, b, е, (В) can become more complicated, in this case the increase of quotations can resume with the goals, which are about 115 and 116 figures.
