Analysis of wave counting:
After an unsuccessful attempt to secure the level below the 110th figure, the USD/JPY pair resumed the upward movement during the second half of yesterday's trading. By the end of the day, it exceeded the highest level attained on August 31. At the same time, it can be assumed that the currency pair still completed the formation of the wave e, and it will form a complex correction triangle on the 2nd wave (or B ), in C, in E, in ( B ). If this is the case, the currency pair might start to decline from the highest level on the previous day and designate the beginning of the 3rd wave (or C ), in C, in E, in (B ), as indicated by a rather strong divergence on the MACD indicator.
Targets for a downward wave option:
107.00 - 106.00
Goals for the option with an upward wave:
111.00 - 112.00
General conclusions and trading recommendations:
The tool continues to build the wave C, in E, and in ( B ). The assumed wave 2 or ( B), in C , in E , in ( B ) have complicated its internal wave structure and will continue to increase within its internal wave e with a target towards 111 figures. In the framework of the construction of the downward wave 3 (or C ), in C , in E , in ( B ), a resumption of the decline of quotations is expected in the near future targeting below 107 figures.
