For Traders

Analytical Reviews

Wave analysis

21.11.201710:07 Forex Analysis & Reviews: Wave analysis of the USD/JPY currency pair for November 21, 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:

After beginning yesterday's trading with the upward movement, the USD/JPY pair was able to add more than 70 basis points in price and at the end of the day reached 112.70. It can be assumed that the currency pair made an attempt to complete the formation of the 4th wave, in a, in (C) and mark the start of the future 5th wave, in a, in (C). If this is the case, then the currency pair may have good prospects for continuing the growth of quotes towards the highs of the beginning of the month.

Targets for a downward wave option:

111.96 - 88.6% by Fibonacci

Targets for an upward wave option:

115.00 - 117.00

General conclusions and trading recommendations:

The trading instrument continues to build the uptrend section of the trend. Now the construction of the wave (C) is continuing, its internal wave c, at 4, in a, in (C) has supposedly completed its construction near the estimated level of 111.96, which corresponds to 88.6% of the Fibonacci. Thus, now is expected to resume the increase in quotations within the wave 5 in a, in (C) with targets located above 115 figures.

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.