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Analysis of wave counting:
Yesterday's USD / JPY trades started from the upward movement, adding about 80 percentage points in price and managed to work out the mark of 107.35 in the middle of the day. Thus, it can be assumed that the currency pair remained in the formation stage of somewhat complicated wave structure of the wave 4, 5, 5, 3, C, C, (B). If this is so, then practically from the maximum of the past day, a currency pair can denote the beginning of the wave 5, 5th, 5, 3, C, C, (B) and in the future, to update the achieved minimum on Friday (105.55).
The objectives for the option with a downward wave:
106.07 - 423.6% of Fibonacci
105.22 - 523.6% of Fibonacci
The objectives for the option with an upward wave:
107.25 - 108.00
General conclusions and trading recommendations:
The tool continues to build a long-term uptrend. The lowering of quotations may resume with targets near the mark of 106.07 and 105.22, which corresponds to 423.6% and 523.6% of Fibonacci, within the framework of the construction of a complicated wave 5, 5, 3, C, B, (B). At this moment, the construction of a correctional wave 4 with objectives is continuing, in the range of 107.25 - 108.00.
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