06.02.201809:33 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for February 6, 2018

Analysis of wave counting:

At the end of the yesterday's US session, the pair USD / JPY was able to develop, somehow, a significant downward movement and was able to break the level of the 109th figure by the close of trading. At the same time, it can be assumed that as a result of this decline, the currency pair has already completed the formation of the wave 4, 1, c, a, (C). If this is so, then keeping the potential for transforming the entire wave c, b, a, (C) into a full five-wave structure and continuing the price reduction to the level of 108.00, the currency pair may resume the growth of quotations, the beginning of the wave 5, 1, c, a, (C).

The objectives for a downward wave option:

108.28 - 100.0% of Fibonacci

107.41 - 127.2% of Fibonacci

The objectives for the option with an upward wave:

111.01 - 50.0% of Fibonacci

111.89 - 38.2% 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 targets near the marks of 111.01 and 111.89, which corresponds to 50.0% and 38.2% of Fibonacci, within wave 1, c, a, (C). The wave b, a, (C) supposedly completed its construction near the mark of 108.28, which corresponds to 100.0% of Fibonacci.