Analysis of wave counting:
During the trades of the past week, the USD/JPY pair began with a downward movement and, having lost more than 170 basis points, stopped at the end of the Friday session before the level of the 112th figure. It can be assumed that as a result of the beginning of the decline, the currency pair will significantly complicate the internal wave structure of wave b, in a, in (C), reaching the level of 110.15. At the same time, the probability of the resumption of the rise of quotations, with the prospect of further development of the wave c, in a, in (C), continues to remain relevant.
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 continue within the wave c, in a, in (C) with targets located near the estimated levels of 115.43 and 116.32, which corresponds to 61.8% and 76.4% of Fibonacci (these targets still will be reviewed). The assumed wave b, in a, in (C) has completed its construction.
