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

Analysis of wave counting:

Despite the repeated attempts, the pair USD / JPY could not gain a foothold under the level of the 110th figure, returning to the level of 111.00 at the end of last week. It can be assumed that the currency pair remained in the stage of formation of the first wave, c, e, (B), with a strong elongation in its internal 1st wave. If this is the case, the currency pair will resume the decline of quotations in the direction of the first settlement target for this 1st wave, c, e, (B), located in the 109.00 level area.

Targets for a downward wave option:

108.01 - 61.8% by Fibonacci

106.63 - 38.2% by Fibonacci

Goals 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. An unsuccessful attempt to break through the mark of 108.01 may lead to the withdrawal of quotations from the reached minimum.