Analysis of wave counting:
Despite the efforts made, in the course of yesterday's trading, the USD/JPY pair could not leave the range, although it increased its limits to almost 60 basis points. Thus, the emerging wave situation still makes it possible to assume that the currency pair remained in the final stage of the formation of the wave c, in b, in a, in (C). If this is the case, then, as already noted, repeated breakdown of the level of the 111th figure can lead to a price reversal in favor of the dollar, which in turn will mark the beginning of the future wave c, in a, in (C).
Targets for a downward wave option:
111.01 - 50.0% by Fibonacci
110.15 - 61.8% by Fibonacci
Targets for an upward wave option:
115.00 - 117.00
General conclusions and trading recommendations:
The trading instrument continues to build the upward section of the trend. Now the wave (C), its internal wave b, is being continued in a, with targets located near the estimated marks of 111.01 and 110.15, which corresponds to 50.0% and 61.8% of Fibonacci. After the completion of this wave, it is expected to resume the increase in quotations within the wave c, in a, in (C) with targets located above 115 figures. An unsuccessful attempt to break through the level of 111.01 may lead to the withdrawal of quotations from the lows reached.