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Analysis of wave counting:
An attempt to continue the upward movement ended yesterday with an unsuccessful testing of the level of 112.50 and a return of the price of the pair USD / JPY to the opening levels of the day. In this case, the internal wave structure of wave b, b, (C) began to acquire a completely completed form. If this is the case, the currency pair will not further complicate the wave b, b, (C), then from the high of the past day, the currency pair may resume the decline of quotations in the direction of the level of the 111th figure.
The targets for the downward wave option:
111.09 - 38.2% of Fibonacci
110.37 - 50.0% of Fibonacci
The 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), 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 internal wave b, b can already be completed.
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