Analysis of wave counting:
During the whole last week, having stood in the range near the level of the 107th figure, the currency pair USD / JPY still updated the previously reached maximum on Friday and fulfilled the mark of 107.75. Thus, the current wave situation allows us to consider the March minimum as the completion of the entire wave 3, c, B, (B), in which its own wave 4 took the form of a horizontal correction triangle. If this is the case, then in the process of further development of the internal wave structure of the wave 4, c, B, (B), the currency pair can continue the growth of quotations and test the level of 108.00, or even 109.00.
Goals for the option with the construction of a downward wave:
103.55 - 261.8% of Fibonacci
102.00
Goals for the option with the construction of an upward wave:
108.10 - 38.2% of Fibonacci
109.18 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The 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 mark of 103.55, which equates to 261.8% of Fibonacci, and lower, about 102 figures. Within the limits of wave 4, c, B, (B), it is possible to continue the withdrawal of quotations from the minimum reached with targets near the marks of 108.10 and 109.18, which corresponds to 38.2% and 50.0% of Fibonacci.
