FX.co ★ Wave analysis of the USD / JPY currency pair for October 9, 2017

Analysis of wave counting:

Despite the price increase to the level of 113.43, the pair USD / JPY could not gain a foothold above the level of the 113th figure and rolled back more than 80 pp from the peak reached in mid-Friday trading by the end of the day. At the same time, it can be assumed that the currency pair continued the formation of the wave with a highly complex waveform of c, c, in the future (C). If this is the case, the currency pair retains the potential to resume the growth of quotations at least to the level of 114th or even 115th figure.

Targets for the downward wave option:

111.00- 112.00

Targets for the upward wave option:

113.53 - 38.2% of Fibonacci

115.00 - 117.00

General conclusions and trading recommendations:

The instrument continues to complicate its wave structure, which now may require the introduction of additions and adjustments at any time. Now, the wave (C) is being constructed with targets near the 113.53 mark, which corresponds to 38.2% of Fibonacci and above about 115 and 117 figures. Correction wave b, in the future (C) took a rather truncated form. The rising corridor supports the increase of quotations, the breakthrough of its lower boundary generates the idea of the instrument's readiness to construct a corrective set of waves.