11.12.201710:35 Forex Analysis & Reviews: Wave analysis of the USD/JPY currency pair for December 11, 2017

Analysis of wave counting:

Despite the attempts made, the USD/JPY pair never managed to gain a foothold above the level of 113.50, although it finished the Friday session near the highs reached in the middle of the day. The resulting wave situation makes it possible to assume that the currency pair still remained in the stage of formation of the internal wave structure of the third wave, in a, in c, in a, in (C). If this is the case, before the more significant corrective decline begins, the currency pair can resume the growth of quotations and fulfill the estimated targets for this 3rd wave, in a, in c, in a, in (C), located in the range between the 113.70 - 114.70.

Targets for a downward wave option:

112.97 - 23.6% by Fibonacci

112.50

Targets for an upward wave option:

113.67 - 100.0% by Fibonacci

114.13 - 127.2% by Fibonacci

General conclusions and trading recommendations:

The trading instrument continues to build the upward section of the trend. The assumed wave b, in a, in (C) has completed its construction near the mark of 111.01, which corresponds to 50.0% of Fibonacci. If this assumption is correct, then the quotes increase will continue with the targets near the marks 113.67 and 114.13, which corresponds to 100.0% and 127.2% Fibonacci, within the wave a, in c, in a, in (C).