Analysis of wave counting:
Yesterday's USD / JPY trades started from the upward movement, adding more than 100 percentage points in price and at the end of the day, it could not only gain a foothold above the level of the 108th figure, but also work out the mark of 108.75. Thus, it can be assumed that the currency pair remained in the stage of formation of the wave c, 4, C, C, (B), in which its inner 5th wave assumed a somewhat elongated appearance. If this is so, then before the beginning of the future wave 5, C, C, (B), the currency pair can continue the growth of quotations and, at least, test the level of 109.00.
The objectives for the option with a downward wave:
106.77 - 23.6% of Fibonacci
105.00
The objectives for the option with an upward wave:
109.18 - 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 in quotations may resume with targets around 105 and 104 figures, within the framework of the construction of wave 5, C, C, (B). Wave c, 4 continues to become more complicated with targets located near the calculated mark of 109.18, which corresponds to 50.0% of Fibonacci.
