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Analysis of wave counting:
As expected, yesterday's USD / JPY trades started with a downward movement after a short delay near the level of 110.50 and it reached the level of 110.20 at the end of the day. At the same time, it can be assumed that the currency pair remained in the formative stage of the receiving five-wave structure, the 3rd wave, in the future C, E, (B). If this is the case, the currency pair will continue to decline in the direction of the first settlement targets for this 3rd wave, C, E, (B), located in the range between the levels of 109.80 - 108.30.
Targets for a downward wave option:
109.79 - 61.8% by Fibonacci
108.30
Targets for an upward wave option:
111.00 - 112.00
General conclusions and trading recommendations:
The instrument completed the construction of the wave E, C, (B). In the framework of the construction of wave 3, C, E, (B), the decrease in quotations may continue with the targets near the level of 109.79, which is equivalent to 61.8% Fibonacci, and lower about 108 figures. An unsuccessful attempt to breach the level of 112.09 led to the completion of the construction of the correctional wave 2. The downward corridor preserves the prospects for constructing a downtrend section of the trend.
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