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Analysis of wave counting:
Once again, the USD/JPY pair failed to reverse and resumed the downward movement in the second half of the Friday trading. At the end of the US session, it reached the level of 110.90. Moreover, it seems that the currency pair remained in the stage of formation of the wave c approaching its completion, in b, in a, and in (C). If this is the case, the currency pair will begin the expected growth of quotations from the minimum of the last day in the past week or after working off the level of 110.75-110.70, which will mark the beginning of the future wave c, in a, in c and in (C).
Targets for a downward wave option:
111.02 - 50.0% of Fibonacci
110.73 - 423.6% Fibonacci retracement
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 resume with the targets near the marks of 113.59 and 113.88, which corresponds to 161.8% and 11.4% Fibonacci found within the wave s, in a, and in (C). At the same time, the quotes continue to decline within the complex wave b, in a, and in (C) with targets located near the marks of 111.02 and 110.73, which corresponds to 50.0% and 423.6% Fibonacci.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.
