23.02.201809:57 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for February 23, 2018

Analysis of wave counting:

Having started the yesterday's trading with a downward movement, the currency pair USD / JPY lost more than 110 percentage points in price and was able to work out a mark of 106.65 at the end of the day. It can be assumed that, after pushing away from the maximum of the medium (107.90), the currency pair made an attempt to complete the first wave and denote the beginning of the second wave, as part of the future wave a, 4, C, C, (B). If this is so, then the currency pair can resume the growth of quotations at any time and go to the stage of formation of the wave 3, a, 4, C, C, (B). At the same time, the wave structure of the entire wave 5, 3, C, C, (B), which is not entirely convincing, allows the currency pair to continue its decline down to the level of the 104th figure.

The objectives for the option with a downward wave:

106.07 - 423.6% of Fibonacci

105.22 - 523.6% of Fibonacci

The objectives for the option with an upward wave:

107.25 - 108.00

General conclusions and trading recommendations:

The tool continues to build a long-term uptrend. The decline in quotations may continue with the targets on the way to the level of 106.07, which corresponds to 423.6% of Fibonacci, within the framework of the construction of wave 2, a, 4, C, C, (B). After its completion, it is expected that the upgrade will resume with targets above 108 figures.