Analysis of wave counting:
Having failed to develop the indicated downward movement, the pair USD / JPY updated the maximum reached on September 21 (112.70) and fulfilled the mark of 113.25 on Thursday. The resulting wave pattern suggests that the currency pair still completed the formation of the future 1st wave in (C), and also marked the beginning of the corrective 2nd wave, in this (C). If this is true, then the currency pair has prospects for lowering quotations to the level of the 110th figure, which is also indicated by the beginning of the unfolding MACD.
Targets for the downward wave option:
112.00
110.00
Targets for the upward wave option:
113.98 - 23.6% of Fibonacci
General conclusions and trading recommendations:
The pair USD / JPY continues to build the upward wave (C). Thus, the increase in quotations can continue within the first waves in the future (C) with targets located near the estimated level of 113.98, which corresponds to 23.6% of Fibonacci. Quotations can now be withdrawn from local highs within the framework of correctional wave 2. The MACD divergence warns of the tool's readiness to decline.
