Analysis of wave counting:
Yesterday's USD / JPY trades started from the upward movement, adding about 90 pp in price and broke the 113th figure level in the afternoon. The current wave situation allows us to assume that the currency pair has still completed the formation of the internal wave structure of wave b, b, (C) in somewhat elongated form. If this is the case, then from the high of the past day, the currency pair may resume the decline of quotations to the level of 111.00 and thereby denote the beginning of the wave c, b, (C).
Targets for the downward wave option:
111.09 - 38.2% of Fibonacci
110.37 - 50.0% of Fibonacci
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 may require additions and adjustments at any time. Now the wave (C), its internal wave b, is being constructed, with targets located near the calculated marks of 111.09 and 110.37, which equates to 38.2% and 50.0% of Fibonacci. The internal wave b, b can already be completed or nearing its completion.
