Analysis of wave counting:
At the beginning of last week, the unsuccessful breakdown of the level of the 105th figure led to the rebound of the price of the currency pair USD / JPY by more than 200 percentage points, to the level of 107.00. Thus, it seems that the currency pair has almost completed the process of forming the obliquely correctional triangle of the wave 4, 3, c, B, (B). If this is so, then from the maximum already reached in the past Wednesday, the currency pair will execute the turn and still designate the beginning of the wave 5, 3, c, B, (B). At the same time, it should be noted that further growth of quotations may allow considering the minimum of March 26 (104.62) as the completion of the entire wave 3, 3, c, B, (B), and also will require the introduction of appropriate changes in its wave counting.
The objectives for the option with the construction of a downward wave:
103.55 - 261.8% of Fibonacci
102.00
The objectives for the option with the construction of an upward wave:
108.53 - 38.2% of Fibonacci
109.46 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The currency pair USD / JPY continues the construction of the supposed wave (C). Thus, the lowering of quotations may continue within the framework of wave 5, 3, c, B, (B) with targets near the estimated level of 103.55, which equates to 261.8% of Fibonacci, and lower, about 102 figures. Within the limits of wave 4, c, B, (B), the quotations from the minimum reached with targets near the marks of 108.53 and 109.46 are possible, which corresponds to 38.2% and 50.0% of Fibonacci (these goals will be revised).
