08.03.201809:41 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for March 8, 2018

Analysis of wave counting:

Having started the yesterday's trading with a downward movement, the currency pair USD / JPY, however, could not gain a foothold at 105.50 and returned to the 106th figure area before the end of the day. The resulting wave situation allows us to assume that, in spite of the remaining uncertainty, the currency pair remained in the final stage of the formation of the wave 3, 3, 5, 3, C, C, (B). If this is so, then before specifying the beginning of the future wave 4, 3, 5, 3, C, C, (B), the currency pair can resume the decline of quotations and try to work out level of 105.00.

The objectives for the option with a downward wave:

105.00 - 104.00

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 of quotations may resume with targets of about 105 and 104 figures, within the framework of the construction of wave 3, 5, 3, C, C, (B). After the completion of this wave, a prolonged rise in quotes within the wave 4, C, C, (B) with goals above the 108 figure may begin.