08.02.201810:37 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for February 8, 2018

Analysis of wave counting:

Despite the considerable amplitude of the price change, during the yesterday's trading, the pair USD / JPY was not able to determine the direction of the movement, remaining within the range limited by the level of the 109th figure and the level of 109.70 until the end of the day. The resulting wave situation allows us to assume that the currency pair is still in the stage of formation of the 5th wave, in the form of a five-wave structure, the wave c, b, a, (C). If this is the case, the currency pair retained the potential to resume the decline of quotations to around 108.30, or even 107.40.

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 the targets near the marks of 111.01 and 111.89, which corresponds to 50.0% and 38.2% of Fibonacci, within the framework of the construction of the complicated wave 4, c, b, a, (C). Within the limits of wave 5, c, b, a, (C), the decrease in quotations may continue with the targets being about 108.28 and 107.41, which equals to 100.0% and 127.2% of Fibonacci, and below.