08.01.201810:05 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair. Weekly review

Analysis of wave counting:

An attempt to continue the downward movement that started before the holiday did not succeed, and from the minimum reached in the first trading session of the new year, the price for the pair USD / JPY rebounded by more than 120 pp. At the same time, despite such a growth in quotations, it can be assumed that the currency pair has remained in the formation stage, assuming an increasingly complex form of waves с, b, а, (С). If so, the currency pair can resume the development of the downward movement in the direction of the level of the 111th, or even the 110th figure.

Targets for the downward wave option:

111.01 - 50.0% by Fibonacci

110.14 - 61.8% by Fibonacci

Targets for the upward wave option:

115.43 - 61.8% by Fibonacci

116.32 - 76.4% by Fibonacci

General conclusions and trading recommendations:

The pair USD / JPY continues to build the upward wave (C). Thus, the increase in quotations may continue within the wave c, a, (C) with targets located near the estimated levels of 115.43 and 116.32, which corresponds to 61.8% and 76.4% of Fibonacci (these goals will be reviewed). The assumed wave b, a, (C) can resume its construction, having complicated its internal wave structure, with the targets located near the mark of 110.14, which is equivalent to 61.8% by Fibonacci.