Analysis of wave counting:
Having started the Friday's trading with a slow decline, by the beginning of the European session, the currency pair USD / JPY slid to the area of 106.10, near which it remained until the close of the last day of last week. The wave structure of the proposed wave e, 2, 5, 3, C, C, (B), which is not entirely convincing, allows the currency pair to resume the growth of quotations and test the level of the 107th figure. At the same time, under the current conditions, a currency pair may have good prospects for continuing the outward descending movement and confirming the transition to the stage of formation of the future wave 3, 5, 3, C, C, (B).
The objectives for the option with a downward wave:
105.00
104.48 - 127.2% of Fibonacci
The objectives for the option with an upward wave:
106.50 - 10.50
General conclusions and trading recommendations:
The tool continues to complicate the downward trend section. The decline in quotations may resume with targets near 105 figures and a design mark of 104.48, which is equivalent to 127.2% of Fibonacci, within the framework of wave 3, 5, 3, C, C, (B), after the completion of the construction of the correctional wave 2, which takes a rather complicated form and may require the introduction of corrections to the wave counting.
