Analysis of wave counting:
Yesterday, the repeated attempts to continue the development of the upward movement failed and the pair USD / JPY began a fairly dynamic decline in the second half of the day, falling to the close of trading almost to the level of the 110th figure. In this case, the internal wave structure of the 4th wave, 1st, C, E, (B), has retained a completely completed form. If this is the case, then from the highs already reached earlier, the currency pair will resume the decline of quotations, thereby indicating the beginning of the 5th wave, 1st, C, E, (B).
Targets for the downward wave option:
108.30 - 100.0% by Fibonacci
Goals for the upward wave option:
110.86 - 61.8% by Fibonacci
111.36 - 76.4% 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. An unsuccessful attempt to break through the level of 110.86 led to the withdrawal of quotations from the peaks achieved and the possible completion of the wave 4.
