Analysis of wave counting:
The attempt to continue the development of the upward movement was not successful and at the beginning of yesterday's European session, the pair USD / JPY still began to decline, having retraced 113.40 under the level of the 113th figure. Thus, the emerging wave situation allows us to assume that the internal wave structure of the wave c, b, (C), began to take the form of a fairly long horizontal correction time. At the same time, the previously developed dynamics of the upward movement may allow the currency pair to resume the growth of quotations and confirm the transition to the stage of formation of the first generating waves in the future wave c, (C).
Targets for the downward wave option:
111.89 - 38.2% of Fibonacci
111.02 - 50.0% of Fibonacci
Targets for the upward wave option:
113.59 - 161.8% of Fibonacci
113.88 - 11.4% of Fibonacci
General conclusions and trading recommendations:
The tool continues to build an upward trend segment. The increase in quotations may resume with targets near the mark of 113.59 and 113.88, which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, (C). This wave can take a very long form. At the same time, the decline in quotes within the complex wave с, b, (С) with targets located near the mark of 111.89, which corresponds to 38.2% of Fibonacci retracement may resume.