Analysis of wave counting:
During the last day of the previous week, the USD/JPY pair held within a fairly narrow range, with a maximum extent of price changes of about 40 bp. It can be assumed that the currency pair made an attempt to go to the stage of formation of the first generating waves, as part of the future 3rd wave, in c, in (C). If this is the case, the 2nd wave, in c, in (C), still does not take an even more complex and extended form, then the already marked rise of quotes can be further developed in the direction of the level of the 115th 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 wave (C) is being constructed, and the construction of its internal wave c, at 2, in c, with targets located near the estimated marks 113.04 and 112.71, which corresponds to 50.0% and 61.8% Fibonacci. After the completion of this wave, it is expected to resume the increase in quotations within wave 3 in c, in (C) above 115 figures. An unsuccessful attempt to break the mark 113.04 may lead to the completion of the entire wave 2. The MACD_aka convergence warns of the trading instrument's inclination to rise.
