12.03.201811:23 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair. Weekly review

Analysis of wave counting:

Having unable to continue the beginning of the decline, during the trades of the previous week, the currency pair USD / JPY started from the upward movement, adding more than 160 percentage points in price and tested the 107th figure level on Friday. At the same time, it can be assumed that by such an increase in quotations, the currency pair made an attempt to complete the entire 3rd wave and denote the transition to the stage of formation of the wave 4, c, B, (B). At the same time, under the prevailing conditions, the internal wave structure of the wave 5, 3, c, B, (B) can take a much more complicated form and resume the decline of quotations in the direction of level 102.00.

The goals for the option with the construction of a downward wave:

105.59 - 200.0% of Fibonacci

104.00 - 102.00

The goals for the option with the construction of an upward wave:

108.53 - 38.2% of Fibonacci

109.46 - 50.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair USD / JPY continues the construction of the supposed wave (C). Thus, the lowering of quotations may continue within the framework of wave 5, 3, c, B, (B) with targets below the estimated level of 105.59, which equates to 200.0% of Fibonacci, about 104 and 102 figures. Within the limits of wave 4, c, B, (B), the quotations from the minimum reached with targets near the marks of 108.53 and 109.46 are possible, which corresponds to 38.2% and 50.0% of Fibonacci.