Analysis of wave counting:
Having opened yesterday's trading with a significant gap, and also testing the level of the 114th figure, the pair USD / JPY completed the turn, having lost more than 80 pp and reached the level of 113.25 at the end of the day. Thus, the emerging wave situation allows us to assume that the currency pair completed the formation of the 1st wave, c, (C), as part of the uptrend portion of the trend, originating from the September 8 low. If this is the case, then from the high of the past day, the currency pair will still begin a corrective decline, thereby indicating the beginning of the 2nd wave, c, (C).
Targets for the downward wave option:
113.15 - 38.2% of Fibonacci
112.86 - 50.0% of Fibonacci
Goals for the upward wave option:
115.00 - 117.00
General conclusions and trading recommendations:
The tool continues to complicate its wave structure, which may require the introduction of additions and adjustments at any time. Now the construction of wave (C) is continuing, and the construction of its internal wave 2, c, has begun with the targets located near the calculated marks of 113.15 and 112.86, which corresponds to 38.2% and 50.0% of Fibonacci. After the completion of this wave, it is expected to resume the increase within wave 3, c.
