Analysis of wave counting:
Despite the continued divergence of the MACD, the pair USD / JPY was not able to resume the downward movement while testing the level of the 111th figure in the middle of last day. Thus, the current wave situation allows us to assume that the currency pair still completed the formation of the wave e, in the composition of the complex correction triangle of the 2nd wave (or B), C, E, (B). If this is the case, the currency pair may start the expected decline in quotations and designate the beginning of the 3rd wave (or C), C, E, (B).
Targets for the downward wave option:
107.00 - 106.00
Targets for the upward wave option:
111.00 - 112.00
General conclusions and trading recommendations:
The instrument continues to build the wave C, E, (B). The assumed wave 2 or (B), C, E, (B) has complicated its internal wave structure and is now continuing to increase within its internal wave e with targets about 111 figures. In the framework of the construction of the downward wave of 3 (or C), C, E, (B), a resumption of the lowering of quotations is expected in the near future with targets below 107 figures.
