Analysis of wave counting:
The previously preserved divergence of MACD allowed the pair USD / JPY to start yesterday's trading from the upward movement and roll back to the level of 109.80 at the beginning of the European session. It can be assumed that the currency pair has attempted to complete the formation of the third and designate the beginning of the 4th wave, in the composition of the slightly more complex form of the 1st wave, C, E, (B). If this is so, the 3rd wave, 1st, C, E, (B), will not further complicate its wave structure, the currency pair can continue the started growth of quotations to the level of 110.50 or even to the level of the 111th figure.
Targets for the downward wave option:
108.30 - 100.0% by Fibonacci
Goals for the upward wave option:
110.45 - 50.0% by Fibonacci
110.86 - 61.8% by Fibonacci
General conclusions and trading recommendations:
The tool continues to build the wave C, E, (B). In the framework of the construction of wave 5, 1, C, E, (B), the reduction of quotations may resume with targets near the calculated mark of 108.30, which is equivalent to 100.0% of Fibonacci. At the moment, the construction of a corrective wave 4, 1, has begun with the targets near the marks of 110.45 and 110.86, which corresponds to 50.0% and 61.8% of Fibonacci.
