Trading Conditions
Products
Tools
Analysis of wave counting:
Despite the strong divergence of MACD, during the yesterday's trading, the pair USD / JPY continued to develop a downward movement, losing about 80 pp and fell to the level of 110.32 at the end of the day. Thus, it can be assumed that the currency pair still remained in the stage of formation of the wave c, b, a, (C), approaching its completion. If this is the case, the development of the target in the area around 110.15 will lead, most likely, to a currency pair reversal in favor of the dollar, which in turn will mark the beginning of the future wave c, a, (C).
The targets for the downward wave option:
110.14 - 61.8% of Fibonacci
The goals for the upward wave option:
113.59 - 161.8% of Fibonacci
113.88 - 11.4% of Fibonacci
General conclusions and trading recommendations:
The tool continues to build the uptrend 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% of Fibonacci, within the wave c, a, (C). At the same time, the decline in quotes continues within the complex wave b, a, (C) with targets located near the mark of 110.14, which corresponds to 61.8% of Fibonacci. The MACD convergence warns of the willingness of the instrument to build an upward wave.
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.