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Analysis of wave counting:
Failing to execute the turn during the beginning of yesterday's European session, the USD / JPY pair resumed the downward movement and at the end of the day stopped several points from the level of the 111th figure. Also, in connection with such a significant reduction in the price, it seems that the currency pair remained in the stage of formation of the wave b, in a, and in (C), where its internal wave b took the form of a correctional triangle. If this is so, the wave's own wave dimension c, in b, in a, and in (C) allows the possibility of continuing the decline of quotations up to the level of 110.75-110.70.
Targets for a downward wave option:
111.02 - 50.0% of Fibonacci
110.73 - 423.6% Fibonacci retracement
Goals for the option with an upward wave:
113.59 - 161.8% Fibonacci retracement
113.88 - 11.4% by Fibonacci
General conclusions and trading recommendations:
The tool continues to build the upward section of the trend. The increase in quotations may resume with the targets near the marks 113.59 and 113.88, which corresponds to 161.8% and 11.4% Fibonacci, within the wave s, in a, and in (C). At the same time, the quotes continue its decline within the complex wave b, in a, and in (C) with targets located near the marks 111.02 and 110.73 as of the moment.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.
