Analysis of wave counting:
After a significant decline, the day before, yesterday's USD / JPY trades started from the upward movement, having added more than 70 p and returned to the 114th figure level in the afternoon. The resulting wave situation allows us to assume that despite such price fluctuations, the currency pair remained in the formative stage of a rather complex form of the 2nd wave, c, (C). If this is the case, then from the high of the past day, the currency pair will resume the decline of quotations at least to the level of 113.15.
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 the 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, a resumption of the increase is expected within wave 3, c with targets above 114 figures.
