Analysis of wave counting:
Not finding the grounds for the continued emergence of the upward movement, in the course of yesterday's trading, the USD/JPY pair lost about 110 basis points and finished the day by testing the level of 112.45. At the same time, it can be assumed that the currency pair still remained in the formation stage of the increasingly complex form of the 3rd wave, in a, in c, in a, in (C). If this is the case, then practically from the minimum of the past day, the currency pair will resume the growth of quotes in the direction of the targets for this third wave, in a, in c, in a, in (C), located near the level of the 114th figure.
Targets for a downward wave option:
111.89 - 38.2% by Fibonacci
Targets for an upward wave option:
113.43 - 100.0% by Fibonacci
113.98 - 127.2% by Fibonacci
General conclusions and trading recommendations:
The trading instrument continues to build the uptrend section of the trend. The increase in quotations may resume after the completion of the current corrective wave with targets near the marks 113.43 and 113.98, which corresponds to 100.0% and 127.2% of Fibonacci, within wave 3, in a, in c, in a, in (C).
