10.08.201709:44 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for August 10, 2017

Analysis of wave counting:

As expected, yesterday's USD / JPY trades started with a downward movement and reached 109.55 in the middle of the day. At the same time, as a result of this decrease, the internal wave structure of the 5th wave, in the 1st, C, E, (B), took a practically completed form. If this is the case, then from the low of the past day, or after working off the level of 109.20, the currency pair will start to grow quotes, indicating the beginning of the 2nd wave, C, E, (B).

Targets for the downward wave option:

109.79 - 61.8% by Fibonacci

109.22 - 76.4% by Fibonacci

108.30 - 100.0% by Fibonacci

Targets for the upward wave option:

111.00 - 112.00

General conclusions and trading recommendations:

The instrument completed the construction of the wave E, C, (B). Within the framework of the construction of wave 5, 1, C, E, (B), the decline in quotations may continue with the targets near the estimated levels of 109.79 and 108.30, which equates to 61.8% and 100.0% by Fibonacci. After the completion of the construction of this wave, the quotations will begin to rise within the framework of the correction 2, C, E, (B) with targets about 111 and 112 figures.