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12.03.201811:23 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for March 12, 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.

Exchange Rates 12.03.2018 analysis

Analysis of wave counting:

During the last day of the last week, the currency pair USD / JPY started with an upward movement, adding about 90 percentage points in price and already tested the 107th figure level in the middle of the trading. Thus, the emerging wave situation allows us to assume that after February 16, the currency pair is in the formative stage of taking the oblique correction, the wave 2, 5, 3, C, C, (B). If this is the case, then in the process of completion of the wave c, 2, 5, 3, C, C, (B), the currency pair can execute a turn from the maximum already reached on Friday or continue the growth of quotations up to the level of 108.00.

The objectives for the option with a downward wave:

105.00 - 104.00

The objectives for the option with an upward wave:

107.42 - 38.2% of Fibonacci

108.01 - 50.0% of Fibonacci

General conclusions and trading recommendations:

The tool continues to build a long-term uptrend. The decline of quotations may resume with targets of about 105 and 104 figures, within the framework of the construction of wave 3, 5, 3, C, C, (B). Now, the wave 2, 5, 3, C, C, (B) is being built with targets located near the calculated marks of 107.42 and 108.01, which equates to 38.2% and 50.0% of Fibonacci.

Chin Zhao
Analytical expert of InstaForex
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