Analysis of wave counting:
After not being able gain a foothold above the level of the 114th figure at the beginning of last week, the USD/JPY pair started a downward movement, reaching the level of 113.10 on Thursday. The resulting wave situation makes it possible assume that as a result of this decline, the currency pair somewhat complicated the internal wave structure of the 2nd wave, as part of the future wave c, in (C). If this is the case, then, still retaining the potential for the development of a more complex and extensive downward correction, the currency pair can resume the rise of quotes in the direction of the levels of the 115th or 116th figure.
Targets for a downward wave option:
112.00 - 110.00
Targets for an upward wave option:
115.43 - 61.8% by Fibonacci
116.32 - 76.4% by Fibonacci
General conclusions and trading recommendations:
The USD/JPY pair continues to build the upward wave (C). Thus, the increase in quotes may continue within wave 3, in c, in the future (C) with targets located near the estimated levels of 115.43 and 116.32, which corresponds to 61.8% and 76.4% of Fibonacci. The assumed wave b took on a rather shortened form and was supposedly completed.
