Analysis of wave counting:
Despite the existing prerequisites for continuing the price decrease, during the trades of the past week, the pair USD / JPY started the upward movement, having added about 320 pp and broke through the level of the 111th figure on Friday. Thus, we can assume that the currency pair has attempted to complete the process of forming the wave c, e, (B) and designate the beginning of the future wave (C). At the same time, the currency pair has retained some grounds for resuming the decline in quotations and a significant complication of the internal wave structure of the wave c, e, (B) and possibly the entire wave e, (B).
Goals for the downward wave option:
106.63 - 38.2% of Fibonacci
Goals for the upward wave option:
111.00 - 112.00
General conclusions and trading recommendations:
The pair USD / JPY continues to build a downward and composite wave ( B). This week, it is expected that the quotes will resume lowering (within the limits of wave c, in e, in (B)) with targets located near the mark of 106.63, which is equivalent to 38.2% of Fibonacci. The construction of the correctional wave 2, c, e, (B) is supposedly completed. There is a certain probability that wave e, (B) is completed.