FX.co ★ Wave analysis of the USD / JPY currency pair for October 11, 2017

Analysis of wave counting:

Having started yesterday's Asian session with a downward movement, the pair USD / JPY lost about 80 pp and broke through the level of the 112th figure in the afternoon. At the same time, we can assume that the currency pair was in the stage of formation of the wave b, c, taken in a rather complicated form, in (C). If this is so, the currency pair has retained the potential to resume the growth of quotations and yet to indicate the beginning of the wave c, in the future (C).

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. The correction wave b, in the future (C), assumes an extended form. The rising corridor supports the rise of quotations, the breakthrough of its lower boundary generates the idea of the willingness of the instrument to construct a descending set of waves.