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FX.co ★ Wave analysis of the USD/JPY currency pair for December 19, 2017

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Forex Analysis:::2017-12-19T07:56:23

Wave analysis of the USD/JPY currency pair for December 19, 2017

Wave analysis of the USD/JPY currency pair for December 19, 2017

Analysis of wave counting:

Unable to find grounds for continuing the upward movement that started on Friday, during the yesterday's trading, the USD/JPY pair lost about 40 basis points and at the end of the day reached 112.30. The resulting wave situation suggests that, despite this decline, the currency pair remained in the stage of formation of the first generating waves in the composition of the future wave c, in b, in b, in (C). At the same time, the current wave pattern still allows the probability of a significant complication of the internal wave structure as wave b, in b, in b, in (C), and confirmation of the currency pair of the possible beginning of the formation of the future wave c, in b, in (C ).

Targets for a downward wave option:

111.89 - 38.2% by Fibonacci

111.02 - 50.0% 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 upward section of the trend. The increase in quotes may resume after the completion of the current corrective wave with targets near the marks of 113.43 and 113.98, which corresponds to 100.0% and 127.2% of Fibonacci, within the wave c, in b, in b, in (C). An unsuccessful attempt to break the 111.89 mark may lead to the completion of the downward wave b.

Analyst InstaForex
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