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Analysis of wave counting:
During the yesterday's European session, the pair USD / JPY began with the expected downward movement, losing about 90 pp in price and reached 112.30 in the middle of the day. The resulting wave situation allows us to assume that as a result of this decline, the currency pair denoted the beginning of the wave c, b, (C), whose calculated targets are located near the level of the 111th figure. At the same time, in the event of the resumption of the growth of quotations and the exit of the price to the level of 113.50, all the upward movement, formed from the October 16 low, will be considered as the beginning of the future wave c, (C).
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), 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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