empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

01.08.201709:45 Forex Analysis & Reviews: Wave analysis of the currency pair USD / JPY for August 1, 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 01.08.2017 analysis

Analysis of wave counting:

As expected, yesterday's USD / JPY trades started with a downward movement after a short delay near the level of 110.50 and it reached the level of 110.20 at the end of the day. At the same time, it can be assumed that the currency pair remained in the formative stage of the receiving five-wave structure, the 3rd wave, in the future C, E, (B). If this is the case, the currency pair will continue to decline in the direction of the first settlement targets for this 3rd wave, C, E, (B), located in the range between the levels of 109.80 - 108.30.

Targets for a downward wave option:

109.79 - 61.8% by Fibonacci

108.30

Targets for an upward wave option:

111.00 - 112.00

General conclusions and trading recommendations:

The instrument completed the construction of the wave E, C, (B). In the framework of the construction of wave 3, C, E, (B), the decrease in quotations may continue with the targets near the level of 109.79, which is equivalent to 61.8% Fibonacci, and lower about 108 figures. An unsuccessful attempt to breach the level of 112.09 led to the completion of the construction of the correctional wave 2. The downward corridor preserves the prospects for constructing a downtrend section of the trend.

Chin Zhao
Analytical expert of InstaForex
© 2007-2024

Open trading account

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off