Analysis of wave counting:
In general, it is expected that during the yesterday's trading, the pair USD / JPY began with a downward movement and reached the level of 110.25 in the second half of the day. At the same time, we can assume that the currency pair still moved to the stage of formation of the 5th wave, in the 1st, C, E, (B). If this is the case, the currency pair has acquired the potential to 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 - 100.0% by Fibonacci
Goals for the upward wave option:
111.00 - 112.00
General conclusions and trading recommendations:
The instrument completed the construction of wave E, C, (B). Within the framework of the construction of wave 5, 1, C, E, (B), the decrease in quotations may resume with the targets near the estimated levels of 109.79 and 108.30, which equates to 61.8% and 100.0% by Fibonacci. The correction wave 4 in the composition of C, E, (B) took a completely completed form, but it can still slightly complicate its internal structure.
