Analysis of wave counting:
In general, as expected, the breakdown of the level of the 111th figure last Tuesday led to the beginning of the development of the upward movement, allowing the USD/JPY pair to add about 200 basis points in price. The current wave situation allows the probability that the currency pair has attempted to complete wave b, in a, in (C) and move to the stage of formation of the first generating waves in the composition of the future wave c, in a, in (C). If this is the case, and a decrease to the level of 110.15, the currency pair will not further complicate the internal wave structure of wave b, in a, in (C), then it may have prospects for resuming the growth of quotations to the level of 115.00.
Targets for a downward wave option:
111.01 - 50.0% by Fibonacci
110.14 - 61.8% by Fibonacci
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 quotations may resume within the limits of wave c, in a, in (C) with targets located near the estimated marks of 115.43 and 116.32, which corresponds to 61.8% and 76.4% of Fibonacci (these targets will still be reviewed). The assumed wave b, if it does not complicate its internal structure, is supposedly completed.
