12.10.201709:43 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for October 12, 2017

Analysis of wave counting:

So, having failed to determine the direction of the movement yesterday, the pair USD / JPY held in the range limited by the levels of 112.10-112.60. The resulting wave situation allows us to assume that the currency pair remained in the formation stage of the receiving waveform of the five-wave structure of the wave c, b, (C). If this is the case, the currency pair retained the potential for the resumption of the growth of quotations after a repeated breakdown of the level of the 112th figure, which in turn will indicate the beginning of the wave c, in the future (C).

Targets for the downward wave option:

111.00- 112.00

Targets for the upward wave option:

113.53 - 38.2% of Fibonacci

115.00 - 117.00

General conclusions and trading recommendations:

The instrument continues to complicate its wave structure, which may require the introduction of additions and adjustments at any time. Now, the wave (C) is being constructed with targets near the 113.53 mark, which corresponds to 38.2% of Fibonacci and above about 115 and 117 figures. Within the correction wave b, in the future (C), the decline in quotations may continue with the goals between 111 and 112 figures. A small MACD convergence indicates a possible completion of the correction wave b.