Analysis of wave counting:
Yesterday, having failed to determine the direction of the movement, the pair USD / JPY held within a fairly narrow price range, trading near the level of the 111th figure. The current wave situation still allows us to assume that the currency pair can complete the formation of the 4th wave at any time and designate the beginning of the 5th wave, in the 1st, C, E, (B). If this is the case, then from the high of the past day, or after the price rises to the level of 111.30, the currency pair will resume the decline of quotations to 109.20, or even to 108.30.
Targets for the downward wave option:
109.79 - 61.8% by Fibonacci
108.30
Targets for the upward wave option:
111.00 - 112.00
General conclusions and trading recommendations:
The instrument completed the construction of the wave E, C, (B). Within the framework of the construction of wave 3, C, E, (B), the decrease in quotations may resume with targets near the level of 109.79, which is equivalent to 61.8% Fibonacci, and lower about 108 figures. The correction wave 4 in the composition of C, E, (B) can complicate its internal wave structure.
