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Analysis of wave counting:
During the last day trading session last week, the USD / JPY pair remained practically immobilized, with a maximum amplitude of price changes of less than 20 bp. At the same time, it can be assumed that the currency pair is still in the formation stage in wave c, in b, in b, and in (C) that are not yet completed. There is a probability that allows the currency pair to resume the decline of quotations and significantly complicate the internal wave structure of wave b, in b, in b, in (C), or even confirm the beginning of the formation of future wave c, in b, in (C).
Targets for a downward wave option:
111.89 - 38.2% by Fibonacci
111.02 - 50.0% of Fibonacci
Goals for the option with an upward wave:
113.59 - 161.8% Fibonacci retracement
113.88 - 11.4% by Fibonacci
General conclusions and trading recommendations:
The tool continues to build the upward section of the trend. The increase in quotations may continue with targets near the mark of 113.59 and 113.88, which corresponds to 161.8% and 11.4% of Fibonacci, within the limits of wave c, in b, in b, in (C). This wave can take a very long form. Also, the probability of complicating the entire wave marking of the instrument and making adjustments are sustained.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.
