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Analysis of wave counting:
At the beginning of Friday's European session, the pair USD / JPY began to decline and reached the level of 112.25 in the middle of the day, without developing a more complex and lengthy upward correction. The resulting wave situation allows us to assume that the currency pair has remained in the stage of forming the first generating waves in the composition of the future wave C, E, (B). At the same time, the probability of renewed growth in the market, with the prospect of further complicating the internal wave structure of wave c, B, E, (B), continues to be relevant.
Targets for a downward wave option:
112.00 - 111.00
Targets for an upward wave option:
114.72 - 127.2% by Fibonacci
115.00
General conclusions and trading recommendations:
The instrument supposedly completed the construction of the wave E, C, (B). Within the framework of the construction of wave C, E, (B), the reduction of quotations can continue with the goals of about 112 and 111 figures (these goals will be further clarified). Wave c, B, E, (B) can complicate its internal structure, but at the moment it looks complete. A small convergence of MACD warns about the readiness of the tool to increase.
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