Analysis of wave counting:
As expected, last week's USD/JPY pair started with a downward movement and, losing about 240 basis points in price, at the end of the Friday session again broke through the level of the 111th figure. It can be assumed that the currency pair was in the final stage of the formation of the wave c, in b, in a, in (C). If this is so, then practically from the minimum already reached on Friday (110.90), or after a decrease to the calculated correctional level of 61.8% (110.15), the currency pair will resume the growth of quotations, thereby indicating the beginning of the future wave with, in a, in (C).
Targets for a downward wave option:
111.01 - 50.0% by Fibonacci
110.14 - 61.8% by Fibonacci
Targets for an upward wave option:
115.43 - 61.8% by Fibonacci
116.32 - 76.4% by Fibonacci
General conclusions and trading recommendations:
The USD/JPY pair continues to build the upward wave (C). Thus, the increase in quotations may resume within the limits of wave c, in a, in (C) with targets located near the estimated marks of 115.43 and 116.32, which corresponds to 61.8% and 76.4% of Fibonacci (these goals are still will be reviewed). The assumed wave b, in a, in (C) for the time being continues its construction, having complicated its internal wave structure, with the targets located near the mark 110.14, which is equivalent to 61.8% Fibonacci.