For Traders

Analytical Reviews

Wave analysis

21.02.201809:36 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for February 21, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Analysis of wave counting:

Yesterday's USD / JPY trades started from the upward movement, adding about 80 percentage points in price and managed to work out the mark of 107.35 in the middle of the day. Thus, it can be assumed that the currency pair remained in the formation stage of somewhat complicated wave structure of the wave 4, 5, 5, 3, C, C, (B). If this is so, then practically from the maximum of the past day, a currency pair can denote the beginning of the wave 5, 5th, 5, 3, C, C, (B) and in the future, to update the achieved minimum on Friday (105.55).

The objectives for the option with a downward wave:

106.07 - 423.6% of Fibonacci

105.22 - 523.6% of Fibonacci

The objectives for the option with an upward wave:

107.25 - 108.00

General conclusions and trading recommendations:

The tool continues to build a long-term uptrend. The lowering of quotations may resume with targets near the mark of 106.07 and 105.22, which corresponds to 423.6% and 523.6% of Fibonacci, within the framework of the construction of a complicated wave 5, 5, 3, C, B, (B). At this moment, the construction of a correctional wave 4 with objectives is continuing, in the range of 107.25 - 108.00.

Back to the list

Open trading account

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.