24.08.201703:12 Forex-elemzések és áttekintések: Wave analysis of the USD / JPY currency pair for August 23, 2017

Analysis of wave counting:

Having worked out a fairly strong divergence of MACD, yesterday's USD / JPY trades, however, started with an upward movement, having added about 70 pp in price and reached 109.55 in the afternoon. The current wave situation suggests that the currency pair made an attempt to complete the formation of the 5th wave, 1st, C, E, (B), in a somewhat truncated form. If this is so, then the indicated growth of quotations may turn out to be the beginning of the 2nd wave, C, E, (B), whose calculated targets are located up to the level of 111.50.

Targets for the downward wave option:

108.30 - 100.0% by Fibonacci

108.00

Targets for the upward wave option:

110.00 - 111.00

General conclusions and trading recommendations:

The instrument continues to build wave C, E, (B). The assumed wave 5, 1, C, E, (B) is completed, thus, the increase of quotations within the framework of wave 2, C, E, (B) with the targets about 110 and 111 figures is expected. The downward corridor preserves the prospect of lowering the quotes. The MACD convergence warns of the willingness of the instrument to build an upward wave.