02.05.201811:53 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for May 2, 2018

Analysis of wave counting:

Having failed to execute the reversal, yesterday's USD / JPY trades started from the upward movement, adding about 60 percentage points in price and stopped before the mark of 109.90 at the end of the day. At the same time, it can be assumed that while remaining in the formative stage of the highly oblong wave c, 4, C, C, (B), the currency pair made its internal wave 5 even more complicated. If this is so, the currency pair retains the potential, allowing it to at least work out a settlement target located in the area of 110.25-110.30.

The objectives for the option with a downward wave:

108.10 - 38.2% of Fibonacci

106.77 - 23.6% of Fibonacci

The objectives for the option with an upward wave:

110.26 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The tool continues to complicate the downward section of the trend and wave counting has suffered some changes. The decline in quotations may begin with the first targets near the marks of 108.10 and 106.77, which corresponds to 38.2% and 23.6% of Fibonacci, within the framework of the construction of wave 5, C, C, (B). Wave c, 4 continues to become more complicated with targets located near the calculated mark of 110.26, which corresponds to 61.8% of Fibonacci. An unsuccessful attempt to break through the level of 110.26 may lead to the withdrawal of quotations from the maximum reached.