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Analysis of wave counting:
At the beginning of yesterday's European session, the USD / JPY pair was able to resume the expected downward movement and updated the minimum level reached on Monday at 110.32, followed by a decline below the level of until the end of the day. Thus, it can be assumed that the currency pair still remains in the final stage of the internal wave structure formation in wave c, in b, in a, and in (C). If this is the case, it seems that the development of the target area at 110.15 or a decrease to the level of the 110th figure will most likely lead to a price turn in favor of the dollar. At the same time, this indicates the beginning of the future wave within a and in (C).
Targets for a downward wave option:
110.14 - 61.8% on Fibonacci basis
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 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 61.8% and 11.4% Fibonacci within the wave s, in a, in c and in (C). At the same time, the decline in quotes continues within the complex wave b, in a, and in (C) with targets located near the mark of 110.14, corresponding to 61.8% of 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.
