Trading Conditions
Products
Tools
Analysis of wave counting:
Despite the strong overbought indicators and unfolding MACD, yesterday's USD / JPY trades started from the upward movement, having added more than 60 pp in price and finished the day near the level of 111.50. At the same time, it can be assumed that the currency pair still remained in the formative stage of a somewhat extended form wave e, 2nd wave (or B), C, E, (B). If this is the case, the attempt to test the level of the 112th figure may allow the price to resume the decline and denote the beginning of the 3rd wave (or C), C, E, (B). At the same time, the likelihood of further growth in quotations and the transition of the currency pair to the resumption of the formation of the main upward trend, as part of the future wave (C), also remains relevant.
Objectives for the downward wave option:
107.00 - 106.00
Targets for the upward wave option:
111.00 - 112.00
General conclusions and trading recommendations:
The instrument continues to build the wave C, E, (B), which significantly becomes more complicated. The assumed wave 2 or (B), C, E, (B) has complicated its internal wave structure and is now continuing to increase within its internal wave e with targets of about 111 and 112 figures. In the framework of the construction of the downward wave 3 (or C), C, E, (B), a resumption of the lowering of quotations with targets below 107 figures is expected. The MACD divergence warns about the tool's readiness to decrease.
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.