Analysis of wave counting:
Having started yesterday's European session with an upward movement, in the afternoon the pair USD / JPY once again managed to gain a foothold above the level of the 112th figure. At the same time, it can be assumed that the currency pair remained in the formation stage of an increasingly complex waveform b, as part of the future wave (C). If this is the case, then, before resuming the growth of quotations, the price for a currency pair may return to the level of 111.40-111.45 or even continue the decline to 110.65.
Targets for the downward wave option:
111.43 - 23.6% of Fibonacci
110.64 - 38.2% of Fibonacci
Goals for the upward wave option:
113.00 - 114.00
General conclusions and trading recommendations:
The tool complicates its wave structure, which can now require the introduction of additions and adjustments at any time. The wave C, E, (B), presumably, completed its construction. If this is the case, then now the construction of the first waves in the composition of the future (C) with goals between 113 and 114 continues. Also now, it is possible to reduce quotations within the corrective wave b, with targets near the marks of 111.43 and 110.64, which is equivalent to 23.6% and 38.2% of Fibonacci.
