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Analysis of wave counting:
The attempt to resume the upward movement undertaken at the beginning of last week ended in failure and by the close of the Friday session, the price for the USD/JPY pair fell by almost 200 basis points from the highs reached on Tuesday. In this case, it seems that the currency pair was in the stage of formation of the 4th wave, in the form of wave a, in (C) taking the form of a complex five-wave structure. If this is the case, then despite the remaining potential for the development of a more complex and lengthy downward correction, the currency pair will resume the growth of quotes, thus marking the beginning of the 5th wave, in a, in (C).
Targets for a downward wave option:
112.00 - 110.00
Targets for an upward wave option:
115.43 - 61.8% by Fibonacci
116.32 - 76.4% by Fibonacci
The USD/JPY pair continues to build the upward wave (C). Thus, the increase in quotations may resume within wave 5, in a, in the future (C) with the targets located near the estimated marks of 115.43 and 116.32, which corresponds to 61.8% and 76.4% of Fibonacci. The suggested wave 4 continues its construction with targets that are about 112 and 111 figures.
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