Analysis of wave counting:
Earlier, the dynamics of the upward movement allowed the USD/JPY pair during the yesterday's trading to continue the rise of prices and finish the day above the level of the 110th figure. Thus, the emerging wave situation allows the assumption that the internal wave structure of the 2nd wave (or B), in C, in E, in (B), took the form of a rather complex correction triangle. If this is so, then after the end of wave e, in this 2nd wave (or B), the currency pair will still resume the decline and thus signify the beginning of the third wave (or C), in C, in E, in (B ).
Objectives for a downward wave option:
107.00 - 106.00
Objectives for an upward wave option:
110.24 - 88.6% by Fibonacci
General conclusions and trading recommendations:
The trading instrument continues to build the C wave, in E, in (B). The expected wave 2 or (B), in C, in E, in (B) has complicated its internal wave structure and is now continuing to increase within its internal wave e with targets near the calculated mark of 110.24, which corresponds to 88.6% by Fibonacci. In the framework of the construction of the downward wave of 3 (or C), in C, in E, in (B), a resumption of the declining of prices is expected in the short-term.