Analysis of wave counting:
The attempt to continue the development of the upward movement ended in failure in mid-Friday trading and the subsequent rebound in the USD/JPY pair price by more than 80 bp. from the already reached highs. At the same time, it seems that the currency pair can confirm the transition to the stage of formation of the first generating waves in the composition of the future 3rd wave, in c, in (C). If this is the case, the expected 2nd wave, in c, in (C), will not further complicate its wave structure, then from the lows of the last day of last week, the currency pair will resume the growth of quotations in the direction of the level of the 115th, or even 116th figure.
Objectives for a downward wave option:
113.15 - 38.2% by Fibonacci
112.86 - 50.0% by Fibonacci
Objectives for an upward wave option:
115.00 - 117.00
General conclusions and trading recommendations:
The trading instrument continues to complicate its wave structure, which may require additions and adjustments at any time. Now the wave (C) is being constructed, and the construction of its internal wave is 3, in c, with targets located about 115 and 117 figures. The assumed wave 2, in c, in (C), is potentially completed.
