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

Analysis of wave counting:

In general, it is expected that during the trades of the past week, the pair USD / JPY continued the downward movement, having lost about 200 pp and broke through the level of the 109th figure on Friday. At the same time, it seems that the currency pair remained in the stage of formation of the 1st wave, c, e, e (B). If this is the case, the MACD divergence indicated the probability of a significant increase in quotations or from the minimum reached on the last day of last week, or after the price has fallen to the level of the 108th figure.

Targets for the downward wave option:

108.01 - 61.8% by Fibonacci

106.63 - 38.2% by Fibonacci

Goals for the 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, it is expected that the quotes will continue to decrease (within the limits of the wave c, e, (B)) with targets located near the estimated marks of 108.01 and 106.63, which equates to 61.8% and 38.2% of Fibonacci. An unsuccessful attempt to break through the mark of 108.01 may lead to the withdrawal of quotations from the minimum reached. The MACD convergence warns about the readiness of the tool to increase.