FX.co ★ Wave analysis of the USD / JPY currency pair. Weekly review

Analysis of wave counting:

Having completed the upward correction in the middle of the previous week, the pair USD / JPY resumed the downward movement and fell to the level of 110.55 by the close of the Friday session. Thus, it can be assumed that the currency pair remained in the stage of formation of the first generating waves in the composition of the wave c, e, e (B). If this is the case, the currency pair has retained the potential to allow it to continue to decline in the direction of the first calculation targets for the wave c, e, (B), located in the range between the levels of the 94th and 92nd figure.

Targets for a downward wave option:

108.01 - 61.8% by Fibonacci

106.63 - 38.2% by Fibonacci

Targets for an upward wave option:

113.00 - 114.00

General conclusions and trading recommendations:

The pair USD / JPY continues to build a downward and composite wave (B). This week, a decrease in quotations is expected (within the limits of c, e, (B)) with targets located near the estimated levels of 108.01 and 106.63, which is equivalent to 61.8% and 38.2% Fibonacci. The wave b, e, (B) is most likely complete.