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Analysis of wave counting:
During the last day of the last week, the currency pair USD / JPY started with an upward movement, adding about 90 percentage points in price and already tested the 107th figure level in the middle of the trading. Thus, the emerging wave situation allows us to assume that after February 16, the currency pair is in the formative stage of taking the oblique correction, the wave 2, 5, 3, C, C, (B). If this is the case, then in the process of completion of the wave c, 2, 5, 3, C, C, (B), the currency pair can execute a turn from the maximum already reached on Friday or continue the growth of quotations up to the level of 108.00.
The objectives for the option with a downward wave:
105.00 - 104.00
The objectives for the option with an upward wave:
107.42 - 38.2% of Fibonacci
108.01 - 50.0% of Fibonacci
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). Now, the wave 2, 5, 3, C, C, (B) is being built with targets located near the calculated marks of 107.42 and 108.01, which equates to 38.2% and 50.0% of Fibonacci.
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