Analysis of wave counting:
Having failed to determine the direction of the movement, the pair USD / JPY spent the entire past day within the range, with a maximum amplitude of price changes of about 50 bp. The resulting wave situation suggests that the currency pair remained in the stage of forming the 1st wave, in the future wave C, E, (B). The further development of which can enable it to work out the level of the 112th figure. At the same time, the currency pair retained the potential for resuming the growth of quotations and further complicate the internal wave structure of wave c, B, E, (B).
Targets for a downward wave option:
112.00 - 111.00
Targets for an upward wave option:
114.72 - 127.2% by Fibonacci
115.00
General conclusions and trading recommendations:
The instrument supposedly completed the construction of the wave E, C, (B). Within the framework of the construction of wave C, E, (B), the reduction of quotations can continue with the goals of about 112 and 111 figures (these goals will be further clarified). Wave c, B, E, (B) can complicate its internal structure, but at the moment it looks complete. A small convergence of MACD warns about the readiness of the tool to increase.
