24.11.201700:32 Forex Analysis & Reviews: Wave analysis of the USD/JPY currency pair for November 23, 2017

Analysis of wave counting:

After failing to continue its upward movement during the yesterday's trading, the USD/JPY pair lost about 130 basis points and at the end of the day reached the level of 111.15. Thus, the current wave situation makes it possible to consider the highs reached at the end of October as the completion of wave a, in a, in (C), and the subsequent decline in quotes as a process of formation that took a rather complex form, waves b, in a, in c (C). If this is the case, then after testing the level of the 111th figure, or even after a decline to the level of 110.15, the currency pair may resume the price increase in favor of the dollar, thus indicating the beginning of the future wave c, in a, in (C).

Targets for a downward wave option:

111.01 - 50.0% by Fibonacci

110.15 - 61.8% 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 b, in a, resumed its construction with targets located near the estimated marks of 111.01 and 110.15, which corresponds to 50.0% and 61.8% of Fibonacci. After the completion of this wave it is expected to resume the increase in quotes within the wave c, in a, in (C) with targets located above 115 figures.