Analysis of wave counting:
At the beginning of yesterday's European session, the USD/JPY pair continued to develop the upward movement and, adding more than 50 basis points in price, broke the level of the 113th figure in the afternoon. Thus, the emerging wave situation suggests that the currency pair continued to make attempts to form the first generating waves in the future wave c, in b, in b, in (C). At the same time, as mentioned earlier, the currency pair can resume the decline of quotes at any time and thereby significantly complicate the internal wave structure of wave b, in b, in b, in (C), or even confirm the 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% of 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 quotations may continue with the targets near the marks 113.43 and 113.98, which corresponds to 100.0% and 127.2% of Fibonacci, within the limits of wave c, in b, in b, in (C). This wave can take a very extended form.
