Analysis of wave counting:
During Friday's Asian session, the USD/JPY pair began with a dynamically developing downward movement and, having lost almost 120 basis points, broke the level of the 112th figure at the end of the day. The wave pattern formed in this case makes it possible to assume that the currency pair has practically completed the formation of wave c, in the fourth, in the form of wave a, in (C) taking the form of a complex five-wave structure. If this is the case, then from the last day's low of the previous week, the currency pair will resume the growth of quotes and thereby mark the start of the 5th wave, in a, in (C).
Targets for a downward wave option:
111.96 - 88.6% by Fibonacci
Targets for an upward wave option:
115.00 - 117.00
General conclusions and trading recommendations:
The trading instrument continues to build the upward section of the trend. Now the wave (C) is being constructed, and the construction of its internal wave c, at 4, in a, in (C), with targets located near the estimated mark of 111.96, which corresponds to 88.6% Fibonacci. After the completion of this wave, it is expected to resume the increase in quotations within the wave 5 in a, in (C) with targets above 115 figures.
