Analysis of wave counting:
Despite having preconditions for the further development of a downward correction, yesterday's USD / JPY trades started from the upward movement, having added about 110 pp in price and reached the level of 113.25 in the afternoon. Thus, it can be assumed that the currency pair made an attempt to go to the stage of formation of the wave c, as part of the future wave (C). At the same time, the currency pair retained the potential for a significant complication of the internal wave structure of wave b, (C) and return of the price to at least 111.40-111.45.
Targets for a downward wave option:
111.43 - 23.6% of Fibonacci
110.64 - 38.2% of Fibonacci
Goals for an 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.
