Analysis of wave counting:
Having failed to execute the turn during the Friday's trading, the currency pair USD / JPY continued the downward movement that began on the previous day, losing about 100 percentage points in price and had already reached the level of 105.25 in the middle of the day. Thus, the current wave situation suggests that the currency pair still complicated the wave structure of the wave 5, 3, C, C, (B) and after February 21 is in the stage of forming its internal 3rd wave. If this is the case, then during the completion of the wave 3, 3, 5, 3, C, C, (B), the currency pair will continue to decline quotations and at least test the level of 105th figure.
The objectives for the option with a downward wave:
105.00 - 104.00
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 of quotations may continue with the goals of about 105 and 104 figures, within the framework of the construction of wave 3, 5, 3, C, C, (B). After the end of this wave, a prolonged rise in quotes within the wave 4, C, C, (B) with goals above the 108 figure may begin.
