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FX.co ★ Wave analysis of the USD / JPY currency pair for May 9, 2018

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Forex Analysis:::2018-05-09T08:28:51

Wave analysis of the USD / JPY currency pair for May 9, 2018

Wave analysis of the USD / JPY currency pair for May 9, 2018

Analysis of wave counting:

Despite the efforts made, the currency pair USD / JPY still could not overcome the lower forming line of the rising channel and completed yesterday's trading near the opening of the day. Thus, it can be assumed that the currency pair continued to remain in the stage of formation of the first generating waves in the composition of the future wave 1, 5, C, C, (B). At the same time, the probability of the resumption of the growth of quotations to the level of 110.25 and the further complication of the internal wave structure of the entire wave c, 4, C, C, (B) is still not lost its relevance.

The objectives for the option with a downward wave:

108.10 - 38.2% of Fibonacci

106.77 - 23.6% of Fibonacci

The objectives for the option with an upward wave:

110.26 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The tool continues to complicate the downward trend section. The decrease of quotations may continue with the first targets near the marks of 108.10 and 106.77, which corresponds to 38.2% and 23.6% of Fibonacci, within the framework of the construction of wave 5, C, C, (B). Wave c, 4, can become even more complicated with targets located near the calculated mark of 110.26, which corresponds to 61.8% of Fibonacci. An unsuccessful attempt to break through the level of 110.26 may lead to the completion of an upward wave. The upward corridor still retains the prospect of higher quotes.

Analyst InstaForex
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