Analysis of wave counting:
In the first trading day of the week, the USD/JPY pair held within a fairly narrow range, with a maximum extent of price changes of less than 50 basis point. At the same time, it seems that despite the low activity, the currency pair made attempts to 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 2nd wave, in c, in (C) does not become even more complicated for its wave structure, then the currency pair can continue the already recorded growth of quotes 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 2, in c, in (C), with targets located near the calculated 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 quotes within wave 3 in c, in (C) with targets above 115 figures. An unsuccessful attempt to break through 113.04 may lead to the completion of wave 2.
