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Analysis of wave counting:
Yesterday's USD/JPY trades began with a slow decline and, losing about 50 basis points, in the second half of the day worked out the mark of 112.20. Thus, it seems that the currency pair is trying to confirm the transition to the stage of formation of the first generating waves in the future wave 5, in a, in (C). If this is the case with wave c, in the fourth, in a, in (C) it does not become even more difficult to complicate its wave structure, then the currency pair can resume 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 upward section of the trend. Now the construction of the wave (C) is continuing, its internal wave c, in the fourth, in a, in (C) has supposedly completed its construction near the estimated level of 111.96, which corresponds to 88.6% Fibonacci. Thus, it is now is expected to resume the increase in quotes within the wave 5 in a, in (C) with targets located above 115 figures.
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