22.01.201809:52 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for January 22, 2018

Analysis of wave counting:

During the Friday's trading, having failed to resume the upward movement, the USD / JPY pair started with a decrease, having lost more than 50 pp and reached the level of 110.50 at the beginning of the European session. Thus, it seems that the currency pair remained in the stage of formation of the wave b, a, (C), in which its internal wave с, can significantly complicate its wave structure. If this is so, then before the beginning of the future wave c, a, (C), the currency pair will continue to decline and, probably, will fulfill the level of the 110th figure.

The targets for the downward wave option:

110.14 - 61.8% of Fibonacci

The objectives for building an 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 continue with the targets near the marks of 113.59 and 113.88 (these goals will be further specified), which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, a, (C ). The wave b, a, (C) supposedly completed its construction near the mark of 110.14, which equates to 61.8% of Fibonacci, however, its internal wave structure may become even more complicated.