Analysis of wave counting:
During the last day of the past week, the pair USD / JPY held in a fairly narrow price range, trading around the level of 112.50. Thus, it can be assumed that the currency pair continued to be in the stage of formation of the first generating waves, in the wave c, in the future (C), while retaining the potential for the resumption of the growth of quotations. At the same time, in the case of price reduction to the level of the 111th figure, the wave counting of the rising trend section, formed between the low of 8 and the maximum of September 27, may take the form of a complete five-wave structure.
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 continues to complicate its wave structure, which can now require the introduction of additions and adjustments at any time. Now, the wave (C) is being constructed with the goals between 113 and 114 figures. 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.
