04.01.201809:43 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for January 4, 2018

Analysis of wave counting:

Despite the existing prerequisites, during the yesterday's trading, the pair USD / JPY did not test the level of the 112th figure, adding about 40 pp in price in the afternoon and reached the level of 112.60. At the same time, there appeared reasons to consider such an upward movement as the beginning of the formation of a correctional wave b, c, c, b, (C). If this is the case, then after the end of this wave b, c, c, b, (C), the currency pair may resume the decline of quotations, with the prospect of working at 111.00 level.

Targets for the downward wave option:

111.89 - 38.2% by Fibonacci

111.02 - 50.0% by Fibonacci

Targets for the upward wave option:

113.59 - 161.8% by Fibonacci

113.88 - 11.4% by Fibonacci

General conclusions and trading recommendations:

The tool continues to build an upward trend segment. The increase in quotations may resume with targets near the mark of 113.59 and 113.88, which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, (C). This wave can take a very long form. At the same time, the decline in quotes within the wave c, c, b, (C) may resume.