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Analysis of wave counting:
In the entirety of the previous day, the USD/JPY pair held within a very narrow range, with a maximum level of price changes of about 30 basis points. Thus, the emerging wave situation suggests that near the yesterday's low, the currency pair can complete the wave c, in b, in a, in (C) and mark the beginning of the future wave c, in a, in (C). At the same time, there is still a probability of even more complicating the internal wave structure of waves c, b, a, c (C), with the prospect of lower quotations in the mark of 110.15.
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 quotations within the wave c, in a, in (C) with targets located above 115 figures.
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