Analysis of wave counting:
Having failed to develop the designated upward movement, until the end of last week, the currency pair USD / JPY retreated to around 106.50 from the local maximum reached on Wednesday (107.90). At the same time, it can be assumed that as a result of such a reduction, the currency pair can go to the final stage of formation of the wave 5, 3, c, B, (B) and give it a more convincing look. If this is so, then before the beginning of the future wave 4, c, B, (B), the currency pair may continue to decline quotations and update the minimum already reached on February 16 (105.55).
The objectives for the option with the construction of a downward wave:
105.59 - 200.0% of Fibonacci
104.00
The objectives for the option with the construction of an upward wave:
108.42 - 127.2% of Fibonacci
110.00
General conclusions and trading recommendations:
The currency pair USD / JPY continues the construction of the supposed wave (C). Thus, the lowering of quotations may continue within the framework of wave 3, c, B, (B) with targets near the estimated level of 105.59, which is equivalent to 200.0% of Fibonacci, and lower, about 104 figures. The MACD convergence warns of the readiness of the tool to build an upward wave 4.