31.01.201809:49 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for January 31, 2018

Analysis of wave counting:

Despite the considerable amplitude of the price change, during the yesterday's trading, the pair USD / JPY was unable to determine the direction of the movement and completed the American session near the opening levels of the day. The resulting wave situation allows us to assume that the currency pair continued to make attempts to transition to the stage of formation of the first generating waves in the composition of the future wave c, a, (C). At the same time, the probability of a currency pair's recurrence of a decline in quotations and an even more complicated wave c, b, a, (C) is still possible.

The objectives for a downward wave option:

108.28 - 100.0% of Fibonacci

107.41 - 127.2% of Fibonacci

The objectives for the option with an upward wave:

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 begin with 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 or can complete it near the mark of 108.28, which corresponds to 100.0% of Fibonacci.