12.12.201709:53 Forex Analysis & Reviews: Wave analysis of the USD/JPY currency pair for December 12, 2017

Long-term review

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Analysis of wave counting:

Despite the efforts made, the USD/JPY pair was not able to determine the direction of the movement and completed yesterday's trading near the opening levels of the day. The resulting wave situation makes it possible to assume that the currency pair still remained in the formative stage of continuing to increasingly complicate its wave structure of the third wave, in a, in c, in a, in (C). If this is the case, the currency pair can resume the growth of quotes in the direction of the targets for this 3rd wave, in a, in c, in a, in (C), located in a fairly wide range between the levels of 114th and 115th figures.

Targets for a downward wave option:

112.97 - 23.6% by Fibonacci

112.50

Targets for an upward wave option:

113.67 - 100.0% by Fibonacci

114.13 - 127.2% by Fibonacci

General conclusions and trading recommendations:

The trading instrument continues to build the uptrend section of the trend. The assumed wave b, in a, in (C) has completed its construction near the mark of 111.01, which corresponds to 50.0% of Fibonacci. If this assumption is correct, then the increase in quotes will continue with the targets near the marks 113.67 and 114.13, which corresponds to 100.0% and 127.2% Fibonacci, within the wave a, in c, in a, in (C).

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