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01.05.201809:59 Forex Analysis & Reviews: Wave analysis of the USD/JPY currency pair for May 1, 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 01.05.2018 analysis

Analysis of wave counting:

In the conditions of low market activity, during the whole day yesterday, the USD/JPY pair held within the range limited to the level of the 109th figure and the level of 109.45. It can be assumed that the currency pair has attempted to confirm the transition to the stage of formation of the first generating waves in the future wave 5, in C, in C, in (B). At the same time, the currency pair managed to retain the potential for resuming the growth of quotations to 110.25 and further complicating the internal wave structure of the 5th wave, in c, in the 4th, in C, in C, in (B).

Targets for building a downward wave:

108.10 - 38.2% by Fibonacci

106.77 - 23.6% by Fibonacci

Targets for building an upward wave:

109.54 - 161.8% by Fibonacci

110.26 - 61.8% by Fibonacci

General conclusions and trading recommendations:

The trading instrument continues to complicate the downward section of the trend, wave counting has suffered some changes. The decline in quotations may begin with the first targets near the marks 108.10 and 106.77, which corresponds to 38.2% and 23.6% Fibonacci, within the framework of the construction of wave 5, in C, in C, in (B). Wave c, at 4 continues to become more complicated with targets located near the estimated marks of 109.54 and 110.26, which corresponds to 161.8% and 61.8% of Fibonacci. An unsuccessful attempt to breach the mark of 109.54 may lead to the withdrawal of quotations from the highs reached.

Chin Zhao
Analytical expert of InstaForex
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