Analysis of wave counting:
Unable to gain a foothold under the mark of 113.50, at the beginning of yesterday's trading in the European session, the pair USD / JPY resumed the growth of quotations, having rolled back to the level of the 114th figure until the end of the day. The resulting wave situation allows (with some stretch) to assume that after completing the 2nd wave, c, (C), the currency pair denoted the beginning of the third wave, c, (C). If this is so, then the currency pair may have good prospects for further development of the upward movement in the direction of the level of 115.00 and even 116.00.
The objectives for the construction of a downward wave:
113.15 - 38.2% of Fibonacci
112.86 - 50.0% of Fibonacci
The objectives for the construction of an upward wave:
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 3, c, with targets located about 115 and 116 figures. The assumed wave 2, c, (C) is possibly completed.
