Analysis of wave counting:
Having failed to determine the direction of the movement, during the Friday's trading, the USD/JPY pair rose to a weekly high (114.45). However, before returning to the American session, it returned to the opening levels of the day. The resulting wave situation makes it possible to assume that the currency pair still remained in 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 2nd wave, in c, in (C) will not complicate its wave structure, then the currency pair can continue the growth of quotes to the level of 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 113.04 led to the retreat of quotes from the lows reached.
