Analysis of wave counting:
The attempt of the USD/JPY pair to resume the downward movement made in the second half of yesterday's trading was not successful and until the end of the day the price returned to the level of the 114th figure. It can be assumed that, despite the considerable volatility, the currency pair remained in the stage of formation of the first generating waves in the composition of the third wave, in c, in (C). If this is the case, the 2nd wave, in c, in (C) will not further complicate its wave structure, the currency pair will continue to rise in the direction of the level of the 115th or even 116th figure.
Targets for a downward wave option:
113.04 - 50.0% by Fibonacci
112.71 - 61.8% by Fibonacci
Targets for an upward wave option:
115.00 - 117.00
General conclusions and trading recommendations:
The trading instrument continues to build an upward set of waves. Now the construction of the wave (C) is continuing, and the construction of its internal wave 3, in c, with targets located above the 115 figure. The correction wave 2, in c, in (C) supposedly completed its construction. Unsuccessful attempt to break the mark of 113.04 led to the retreat of quotations from the lows reached.
