FX.co ★ Wave analysis of the USD / JPY currency pair for July 7, 2017

Analysis of wave counting:

Despite the considerable volatility, during the yesterday's trading, the pair USD / JPY was not able to determine the direction of the movement, bargaining all day near the level of the 113th figure. Thus, it can be assumed that the currency pair continued to make attempts to complete the process of forming the 5th wave, and waves c, c, E, C, (B). If this is so, then, keeping the potential for the resumption of the growth of quotations, at least to the level of the 114th figure, the currency pair can execute a turn and designate the beginning of the future wave (C).

Objectives for a downward wave option:

111.98 - 38.2% by Fibonacci

111.24 - 50.0% by Fibonacci

Objectives for an upward wave option:

113.65 - 11.4% by Fibonacci

114.51 - 100.0% by Fibonacci

General conclusions and trading recommendations:

The tool continues to build the waves E, C, and (B). Within the framework of the construction of the waves c, c, E, C, (B); the increase in quotations may continue with targets near the calculated marks of 113.65 and 114.51, which corresponds to 11.4% and 100.0% Fibonacci. After the completion of the construction of this wave, the instrument can go into the stage of a long decline within the wave (C).