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Analysis of wave counting:
Having started yesterday's trading with a decline, the pair USD / JPY stopped at the level of 110.60 in the middle of the day and rolled back by 70 bp from the reached minimum. Thus, it can be assumed that the currency pair still remained in the formative stage of the fifth wave that had taken the form of an incomplete five-wave structure, in the 1 st, in the future C, in E, (B). If so, the currency pair can resume the downward movement and work out the next calculated target for the entire 1st wave, in C, E, (B), located at 110.20.
Targets for a downward wave option:
110.77 - 127.2% by Fibonacci
110.20 - 161.8% by Fibonacci
Targets for an upward wave option:
113.00 - 114.00
General conclusions and trading recommendations:
The instrument has 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 may continue with targets near the calculated marks of 110.77 and 110.20, which is equivalent to 127.2% and 161.8% of Fibonacci. An unsuccessful attempt to break the mark of 110.77 led to the withdrawal of quotations from the reached minimum.
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