Analysis of wave counting:
Without showing any significant activity, the USD/JPY pair continued to move within the range with a maximum amplitude of price changes of about 20 bp throughout yesterday. At the same time, it can still be assumed that the currency pair can resume the decline and confirm the transition to the stage of formation of the future wave с, in b, in (С), which began its development from the December 12 high. At the same time, there is a possibility of further growth of quotations to the level of the 114th figure or even to the level of 114.50, with the prospect of further complicating the internal wave structure of wave c in b, in b, in (C).
Targets for a downward wave option:
111.89 - 38.2% by Fibonacci
111.02 - 50.0% of Fibonacci
Goals for the option with an upward wave:
113.59 - 161.8% Fibonacci retracement
113.88 - 11.4% by Fibonacci
General conclusions and trading recommendations:
The tool continues to build the uptrend section of the trend. The increase in quotations may resume with the targets near the marks of 113.59 and 113.88, which corresponds to 161.8% and 11.4% of Fibonacci, within the limits of wave c, in b, in b, in (C). This wave can take a very long form. Also, the probability of complicating the entire wave marking of the instrument remains, which will require adjustments.
