Analysis of wave counting:
The attempt to continue the upward movement made during yesterday's trading was not successful, and in the afternoon the price of the pair USD / JPY fell by more than 60 pp from the maximum reached at the beginning of the European session. It can be assumed that the currency pair still remained in the final stage of the formation of the wave e, as part of the 2nd wave (or B), C, E, (B). If this is the case, then testing the level of the 112th figure may allow the currency pair to resume the decline and yet designate the beginning of the 3rd wave (or C), C, E, (B).
Objectives 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), which significantly becomes more complicated. 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 of about 111 and 112 figures. In the framework of the construction of the downward wave 3 (or C), C, E, (B), a resumption of the lowering of quotations with targets below 107 figures is expected.
