Analysis of wave counting:
Yesterday, the attempt made to develop a meaningful upward correction failed with the subsequent return of the currency pair USD / JPY to the opening levels of the day. Thus, the emerging wave situation suggests that the currency pair continued to make attempts to the transition to the stage of formation of the first generating waves in the future wave 5, 5, 3, C, C, (B). If this is the case, the currency pair retains the potential for the development of a downward movement in the direction of the level of the 104th figure.
The objectives for the option with a downward wave:
105.00 - 104.00
The objectives for the option with an upward wave:
107.42 - 38.2% of Fibonacci
108.00
General conclusions and trading recommendations:
The tool continues to complicate the downward trend section. The lowering of quotations may resume with the goals of about 105 and 104 figures, within the framework of the construction of wave 5, 5, 3, C, C, (B), since wave 4 assumed a very complicated form, completed its construction around the estimated mark of 107.42, which corresponds to 38.2% of Fibonacci.
