Analysis of wave counting:
The USD/JPY pair began with a dynamically developing downward during the Asian session on Friday. It lost almost 120 basis points and broke the level of the 112th figure at the end of the day. In this case, the wave pattern formed opens the possibility that the currency pair has practically completed the formation of wave c, in the 4th, in the waveform a, and in ( C ) taking the form of a complex five-wave structure.
Targets for a downward wave option:
111.96 - 88.6% Fibonacci retracement
Goals for the option with an upward wave:
115.00 - 117.00
General conclusions and trading recommendations:
The tool continues to build the uptrend section of the trend. Now the wave (C) is building up, and the construction of its internal wave c, at 4, in a, in (C) , with targets located near the calculated mark of 111.96, which corresponds to 88.6% of Fibonacci. It is expected that the increase in quotations within the wave 5 in a , in (C) with targets above 115 figures will resume after the completion of this wave.
