Analysis of wave counting:
After pushing away from the previously reached minimum, during the trades of the past week, the pair USD / JPY started from the upward movement, having added about 200 percentage points in price and stopped before the mark of 108.50 on Friday. It can be assumed that the currency pair has attempted to complete the wave c, b, a, (C) and go into the stage of formation of the first generating waves in the future wave c, a, (C). At the same time, despite such a rise in quotations, the currency pair may resume the decline to the level of the 108th figure and, thereby, give the wave c, b, a, (C) a more complicated, but at the same time, more persuasive look.
The goals for the option with the construction of a downward wave:
108.15 - 88.6% of Fibonacci
107.00
The goals for the option with the construction of an upward wave:
115.43 - 61.8% of Fibonacci
116.32 - 76.4% of Fibonacci
General conclusions and trading recommendations:
The pair USD / JPY continues the construction of the supposed wave (C). Thus, the increase in quotations may continue within the wave c, a, (C) with targets located near the estimated levels of 115.43 and 116.32, which corresponds to 61.8% and 76.4% of Fibonacci (these goals will be reviewed). The assumed wave b, a, (C) further complicate its internal wave structure, with targets below the mark of 108.15, which is equivalent to 88.6% of Fibonacci.