Analysis of wave counting:
Having resumed the Tuesday's upward movement, the currency pair USD / JPY added more than 80 percentage points in price and stopped before the mark of 107.50 on Thursday. Thus, we can assume that the currency pair somewhat complicated the wave e, as part of the adopted oblique correction triangle of the wave 4, 3, c, B, (B). If this is the case, then the decrease in quotations on Friday may be the beginning of the future wave 5, 3, c, B, (B), whose calculated targets are located up to the level of the 102nd figure.
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:
107.44 - 161.8% 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 resume within the limits of wave 5, 3, c, B, (B) with targets near the estimated level of 103.55, which equates to 261.8% of Fibonacci, and below, about 102 figures. Within the limits of wave 4, c, B, (B), it is possible to continue the withdrawal of quotations from the reached lows with targets near the mark of 107.44, which corresponds to 161.8% of Fibonacci, and slightly higher.
