23.01.201810:24 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for January 23, 2018

Analysis of wave counting:

Having pushed off from the level of 110.50, during the yesterday's trading, the pair USD / JPY was able to add about 70 bp in price and finish the day near the level of the 111th figure. The wave pattern, which did not undergo serious changes at the same time, suggests that the currency pair remained in the stage of formation of wave b, a, (C), in which its internal wave from the beginning takes a much more complicated form. At the same time, it should be noted that the reduction of the currency pair to the region of the minimum of January 17 (110.20) may lead to a price turn in favor of the dollar, which in turn will mark the beginning of the future wave c, a, (C).

The targets for the downward wave option:

110.14 - 61.8% of Fibonacci

The targets for the upward wave option:

113.59 - 161.8% of Fibonacci

113.88 - 11.4% of Fibonacci

General conclusions and trading recommendations:

The tool continues to build the uptrend section of the trend. The increase in quotations may continue with the targets near the marks of 113.59 and 113.88 (these goals will be further specified), which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, a, (C ). The wave b, a, (C) supposedly completed its construction near the mark of 110.14, which is equivalent to 61.8% of Fibonacci, however its internal wave structure may become even more complicated.