Analysis of wave counting:
Yesterday's USD / JPY currency pair trades started from the upward movement, adding about 80 percentage points in price and was able to work out a mark of 106.20 at the end of the US session. It can be assumed that the currency pair remained in the stage of formation of the wave 3, 3, 5, 3, C, C, (B), probably completing its internal wave 4. If this is the case, then practically from the high of the past day, the currency pair may resume the decline of quotations in the direction of the level of the 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 resume with targets of about 105 and 104 figures, within the framework of the construction of wave 3, 5, 3, C, C, (B). After the completion of this wave, a prolonged rise in quotes within the wave 4, C, C, (B) with goals above the 108th figure may begin.
