18.04.201800:36 Forex Analysis & Reviews: Wave analysis of the USD/JPY currency pair for April 17, 2018

Analysis of wave counting:

After failing to continue the development of the upward movement, the USD/JPY pair began yesterday's with a decline and, losing about 50 basis points in price, tested the 107th figure level at the end of the day. Thus, we can assume that the currency pair has made another attempt to complete the correctional 4th wave, in C, in C, in (B) and go to the stage of formation of the first generating waves in the future wave 5, in C, in C , in (B). If this is the case, then as the first calculated target for the 1st wave, in the 1st, in the 5th, in C, in C, in (B), the level of 106.50 can be considered.

Targets for a downward wave option:

105.00 - 104.00

Targets for an upward wave option:

107.55 - 50.0% by Fibonacci

108.24 - 61.8% by Fibonacci

General conclusions and trading recommendations:

As the trading instrument continues to complicate the downward section of the trend, wave counting has been through some changes. The decline of quotations may resume with targets, which are about 105 and 104 figures, within the framework of the construction of wave 5, in B, in C, in (B). Wave 4 assumes a very complicated form, but continues construction with targets located near the estimated marks 107.55 and 108.24, which corresponds to 50.0% and 61.8% of Fibonacci.