Analysis of wave counting:
Unable to determine the direction of the movement during the past week, the pair USD / JPY held in the range, remaining near the level of the 109th figure. At the same time, with some stretch, we can assume that the currency pair was in the stage of formation of the first generating waves in the composition of the third wave, 1st, c, e, (B). If this is the case, the currency pair will nevertheless resume the decline of quotations to the level of 107.00 or to the level of 106.50. At the same time, the continuing significant divergence of the MACD indicates the possibility of the beginning of the development of a sufficiently dynamic upward movement and an even greater complication of the internal wave structure of wave b, e, (B).
Targets for the downward wave option:
108.01 - 61.8% by Fibonacci
106.63 - 38.2% by Fibonacci
Goals for the upward wave option:
113.00 - 114.00
General conclusions and trading recommendations:
The pair USD / JPY continues to build a downward and composite wave (B). This week, it is expected that the quotes will continue to decrease (within the limits of the wave c, e, (B)) with targets located near the estimated marks of 108.01 and 106.63, which equates to 61.8% and 38.2% of Fibonacci. An unsuccessful attempt to break through the mark of 108.01 may lead to the withdrawal of quotations from the minimum reached. The MACD convergence warns of the readiness of the instrument to build an upward wave.
