Trading Conditions
Products
Tools
Analysis of wave counting:
During the first half of yesterday's trading, after the growth of 112.40, the pair USD / JPY still started the expected downward movement, having lost almost 100 bp, and broke through the level of 111.50 in the afternoon. In this case, the internal wave structure of the entire 1st wave, in the composition of the future wave C, E, (B), has acquired a completely completed form. If this is so, the 5th wave, in the 1st, C, E, (B), will not take an even more complicated form, then from the minimum of the past day the currency pair will begin to form an upward correction and thus denote the beginning of wave 2, in C, E, (B).
Targets for a downward wave option:
111.23 - 100.0% Fibonacci
110.20 - 161.8% Fibonacci
Targets for an upward wave option:
113.00 - 114.00
General conclusions and trading recommendations:
The instrument supposedly completed the construction of the wave E, C, (B). In the framework of the construction of wave C, E, (B), the decrease in quotations may continue with targets near the calculated marks of 111.23 and 110.20, which is equivalent to 100.0% and 161.8% of Fibonacci. An unsuccessful attempt to break through the level of 111.23 may lead to the construction of an ascending correction wave 2.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.