Analysis of wave counting:
Despite the existing prerequisites, during the yesterday's trading, the pair USD / JPY was unable to continue the development of the upward movement, having spent the whole past day within a very narrow range, with a maximum amplitude of price changes of less than 30 pp. At the same time, a somewhat prolonged movement of the currency pair in the corridor between the levels of 112th and 113th figures suggests that the currency pair still remains within the corrective wave b, which took a very complex form, in the future (C). If this is the case, then after the end of the wave c, b, (C), the currency pair may resume the growth of quotations, at least to the level of 114.00 or even 115.00.
Targets for the downward wave option:
111.00- 112.00
Targets for the upward wave option:
113.53 - 38.2% of Fibonacci
115.00 - 117.00
General conclusions and trading recommendations:
The instrument continues to complicate its wave structure, which now may require the introduction of additions and adjustments at any time. Now, the wave (C) is being constructed with targets near the 113.53 mark, which corresponds to 38.2% of Fibonacci and above about 115 and 117 figures. The correction wave b, in the future (C), assumes an extended form. The rising corridor supports the increase of quotations, the breakthrough of its lower boundary generates the idea of the instrument's readiness to construct a corrective set of waves.
