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Analysis of wave counting:
The attempt to form a significant upward correction came to an end yesterday with a failure, and therefore the USD/JPY remained within the range limited by the level of 107th figure and 107.40 by the end of trading. The resulting wave situation allows us to assume that the currency pair still remained in the stage of formation of the first generating waves in the composition of the future 1st wave, in the 5th, in B, in C, in (B). At the same time, due to the uncertainty, the currency pair had prospects for the resumption of the growth of quotations up to the level of 108.25 and even more complication of the internal wave structure of the entire 4th wave, in B, in C, in (B).
Targets for a downward wave option:
106.00 - 23.6% by Fibonacci
105.00
Targets for an upward wave option:
107.55 - 50.0% by Fibonacci
108.24 - 61.8% by Fibonacci
General conclusions and trading recommendations:
The trading instrument continues to complicate the downward portion of the trend, wave counting has suffered 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 took a very complicated look and could complete its construction around the estimated mark of 107.55, which corresponds to 50.0% of Fibonacci.
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