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Analysis of wave counting:
The trading yesterday opened with a gap of almost 30 pp. The USD/JPY pair was able to continue the development of the upward movement. As the price gained more than 130 bp, it reached 109.50 at the end of the day. Thus, we can assume that staying within the 1st wave, in the 3rd (or C), in C, in E, in (B), the currency pair could practically complete the formation of its internal 4th wave. If this is the case, the currency pair may resume the decline at any time and mark the beginning of the 5th wave, in the 1st, in the 3rd (or C), in C, in E, in (B).
Targets for a downward wave option:
107.00 - 106.00
Targets for an upward wave option:
109.73 - 76.4% Fibonacci retracement
General conclusions and trading recommendations:
The indicator continues to build the wave C, in E, in (B). The expected wave 2 or (B), in C, in E, in (B) is completed, thus, it is expected that prices will continue to decline within the framework of wave 1, in 3 or (C), in C, in E, in (B) s goals, which are about 107 and 106 figures. As part of the completion of the correctional wave 4, in 1, the growth currently continue reaching the targets located near the estimated level of 109.73, which corresponds to 76.4% of Fibonacci.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
