Analysis of wave counting:
At the beginning of yesterday's trading, the currency pair USD / JPY made an unsuccessful attempt to resume the downward movement and returned to the area of 106.40 already in the middle of the day. The resulting wave situation allows us to assume that, despite such a failure, the currency pair retained the potential for transition to the final stage of formation of the wave 3, 3, 5, 3, C, C, (B). If this is the case, the currency pair may continue the already marked decline in quotations, at least to 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 108 figure may begin.
