Analysis of wave counting:
Unable to continue the upward movement, which began on Monday, during the yesterday's trading, the currency pair USD / JPY lost about 90 percentage points in price and reached the level of 106.55 in the second half of the day. At the same time, it seems that as a result of this decline, the currency pair significantly complicated the internal wave structure of the wave 2, a, 4, C, C, (B). If this is the case, the currency pair can test the level of the 106th figure before resuming the growth of quotations and marking the beginning of the future wave 3, a, 4, C, C, (B).
The objectives for the option with a downward wave:
106.07 - 423.6% of Fibonacci
105.22 - 523.6% of Fibonacci
The objectives for the option with an upward wave:
107.25 - 108.00
General conclusions and trading recommendations:
The tool continues to build a long-term uptrend. The decline in quotations may continue with the targets on the way to the level of 106.07, which corresponds to 423.6% of Fibonacci, within the framework of the construction of wave 2, a, 4, C, C, (B). If this wave is still completed, then now the rise in quotes within the framework of the impulse wave 3 can be resumed with goals that are much higher than the 108th figure.
