For Traders

Analytical Reviews

Wave analysis

17.10.201710:17 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for October 17, 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.

Analysis of wave counting:

Unable to continue the decline in quotations, during the yesterday's US session, the pair USD / JPY added more than 60 bp in price and it was fixed above the level of the 112th figure at the end of the day. Thus, it seems that after completing the wave a, b, (C) at 111.65, the currency pair has moved to the stage of forming the wave b, b, (C). If this is the case, then before resuming the downward movement to the level of 111.00, the price of the currency pair may fall back to the level of 112.50.

Targets for the downward wave option:

111.09 - 38.2% of Fibonacci

110.37 - 50.0% of Fibonacci

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 additions and adjustments at any time. Now, the wave (C) and its internal wave b, is being constructed, with targets located near the calculated marks of 111.09 and 110.37, which equates to 38.2% and 50.0% of Fibonacci. The MACD convergence warns of the readiness of the instrument to the withdrawal of quotations from the minimum reached, which can be a correction wave in composition b, with targets near the 112.73 mark, which corresponds to 11.4% of Fibonacci.

Back to the list

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.