Analysis of wave counting:
The Friday's trading of the currency pair USD / JPY started from the upward movement, adding about 50 percentage points in price and managed to work out a mark of 107.75 in the second half of the day. Thus, the current wave pattern makes it possible to qualify at least March 26 as the completion of the process of formation of the entire wave 3, C, C, (B). If this is so, then the growth of quotations from the level of 104.60 can be considered as the internal wave structure of the wave 4, C, C, (B), whose calculated targets are located near the level of the 108th 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
108.01 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The tool continues to complicate the downward section of the trend and wave counting has suffered some changes. The decline of quotations may resume with targets, which are about 105 and 104 figures, within the framework of the construction of wave 5, B, C, (B). Wave 4 takes a very complex view, but continues to build with targets located near the estimated mark of 108.01, which corresponds to 50.0% of Fibonacci.
