Analysis of wave counting:
During the yesterday's trading, the currency pair USD / JPY was trying to form a significant rollback from the minimum reached on Friday, adding more than 50 pp in the price and worked out the mark of 109.20 in the second half of the day. Thus, it seems that the currency pair made attempts to complete the wave c, b, a, (C) and go to the stage of formation of the first generating waves in the future wave c, a, (C). If this is so, then the currency pair may have good prospects for the development of the designated upward movement towards the November highs of the previous year.
The targets for the downward wave option:
108.28 - 100.0% of Fibonacci
The targets 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 begin with 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 ). The wave b, a, (C) supposedly completed its construction or can complete it near the mark of 108.28, which corresponds to 100.0% of Fibonacci. An unsuccessful attempt to break the mark of 108.28 warns of the readiness of the instrument to increase.
