Analysis of wave counting:
After a short delay around the level of 112.00, at the beginning of Friday's European session, the pair USD / JPY still resumed the downward movement and tested the level of 111.00 at the end of the day. It can be assumed that as a result of this decrease the currency pair somewhat complicated the internal wave structure of the 5th wave, in the 1st, in the future C, E, (B). If this is so, then, most likely, the currency pair will continue to decline quotations to the next calculated targets for the entire 1st wave, in C, E, (B), located near the marks of 110.80-110.75, or even 110.20.
Targets for a downward wave option:
110.77 - 127.2% by Fibonacci
110.20 - 161.8% by Fibonacci
Targets for an upward wave option:
113.00 - 114.00
General conclusions and trading recommendations:
The instrument has 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 may continue with targets near the calculated marks of 110.77 and 110.20, which is equivalent to 127.2% and 161.8% of Fibonacci. An unsuccessful attempt to break through the level of 110.20 may lead to the beginning of the construction of an upward correction wave 2.
