Analysis of wave counting:
In the course of yesterday's trading, the pair USD / JPY still resumed the development of the downward movement, having lost about 75 pp n price, and fell back to the level of 110.25. Thus, it seems that the currency pair has moved to the stage of formation of the wave c, in the composition of the future wave c, which significantly complicates its wave structure of wave c, b, a, (C). At the same time, as noted earlier, a price turn in favor of the dollar from the low of the past day may allow the currency pair to designate the beginning of the future wave c, a, (C).
The targets for the downward wave option:
110.14 - 61.8% of Fibonacci
The goals for the upward wave option:
113.59 - 161.8% of Fibonacci
113.88 - 11.4% of Fibonacci
General conclusions and trading recommendations:
The tool continues to build the uptrend section of the trend. The increase in quotations may continue with the targets near the marks of 113.59 and 113.88 (these goals will be further specified), which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, a, (C ). Wave b, a, (C) supposedly completed its construction near the mark of 110.14, which is equivalent to 61.8% of Fibonacci, however, its internal wave structure may become more complicated, and the decline in quotations will resume with the targets, located well below 110 figures.
