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

Analysis of wave counting:

Having started the trading last week with a downward movement, the pair USD / JPY could not gain a foothold below the lows reached earlier in August and already rose to the level of 110.65 on Thursday. At the same time, despite the price drop almost to the level of 108.25, it can be assumed that the currency pair was in the stage of formation of the 2nd wave, in the structure of which it complicated its wave structure, the waves c, e, (B). If this is the case, then from the maximum reached on Friday or after testing the level of the 111th figure, the currency pair will resume the decline of quotes and thereby mark the beginning of the 3rd wave, c, e, e (B).

Targets for the downward wave option:

108.01 - 61.8% of Fibonacci

106.63 - 38.2% of Fibonacci

Goals for the upward wave option:

111.00 - 112.00

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. At the moment, presumably, the construction of the correctional wave 2, c, e, (B) began, with the goals located about 111 and 112 figures.