Wave marking analysis:
After the resumption of the ascending movement and breakdown of the level of the figure 81, the USD/JPY pair has complicated even more the inner wave structure of the whole uprising part of the trend beginning its formation on February 1-2. Therefore, if the last Wednesday’s high (80.40) is considered as the top of the 3rd wave of this new trend, then it will be possible to consider the Friday’s growth of quotes as the beginning of the 5th wave. The possible targets for this wave can be located between the points 81.40-81.60.
Targets for the variant with the wave 5 in 5 and in 3:
81.48 – 200.0% according to Fibonacci
Targets for the variant with the beginning of the wave 4:
80.73 – 161.8% according to Fibonacci
80.26 – 161.8% according to Fibonacci
General conclusions and trading recommendations:
Presently the ascending part of the trend continues its formation with the first targets seen at the 81.48 level, which is equal to 200.0% of Fibonacci. The corrective wave 4 is expected to appear in the nearest future. In general, during the last days the JPY has been moving within the clear, strong upward trend. The further formation of the upward part of the trend within the 5th wave in 5 is likely to take place soon. The targets for a decline within the corrective wave 4 can be located near the levels 80.73 and 80.26, which is equal to 161.8% and 161.8% according to Fibonacci.
