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Analysis of wave counting:
During yesterday's trading, the USD/JPY pair continued to develop the upward movement and, adding more than 70 basis point in price, stopped at the end of the day at 107.50. At the same time, it seems that the currency pair has completed the formation of a wave e that has somewhat complicated its wave structure, in the 4th, 5th, 3rd, in the C, in the C, in (B). If this is the case, then practically from the highs of the past day, the currency pair can execute a turn against the dollar and denote the beginning of the future 5th wave, the 5th, in the 3rd, in C, in C, in (B).
Targets for a downward wave option:
105.00
104.48 - 127.2% by Fibonacci
Targets for an upward wave option:
107.50 - 108.00
General conclusions and trading recommendations:
The trading instrument continues to complicate the downward trend section. The lowering of quotations may resume with targets near 105 figures and a design mark of 104.48, which is equivalent to 127.2% Fibonacci, within the framework of the construction of wave 5, in 5, in 3, in C, in C, in (B), after the completion of the construction of the correctional wave 4, which took a very complex form and could become even more complicated with targets near the 107.50 and 108 figures.
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