Analysis of wave counting:
In the wake of the general weakening of the dollar, during the trades of the last week, the pair USD / JPY continued the development of the downward movement, having lost about 300 pp in price and reached 108.30 points on Friday. Thus, it can be assumed that the currency pair remained in the stage of formation of the wave b, a, (C), in which its internal wave c, took a somewhat extended form. If this is so, then, practically from the already reached minimum, the currency pair will resume the growth of quotations and thus signify the beginning of the future wave c, a, (C). At the same time, it should be noted that if the price falls below the September low of the previous year, there will be a need to review the wave counting of the entire wave (B) that have developed earlier.
Goals for the downside wave option:
108.15 - 88.6% of Fibonacci 107.00
Targets for the upward wave option:
115.43 - 61.8% of Fibonacci
116.32 - 76.4% of Fibonacci
General conclusions and trading recommendations:
The pair USD / JPY continues the construction of the proposed wave (C). Thus, the increase in quotations may resume within the limits of wave c, a, (C) with targets located near the calculated marks of 115.43 and 116.32, which corresponds to 61.8% and 76.4% of Fibonacci (these goals will be reviewed). The assumed wave b, a, (C) for the time being continues its construction, continuing to complicate its internal wave structure, with targets near the mark of 108.15, which is equal to 88.6% of Fibonacci, and lower.
