FX.co ★ Wave analysis of the USD / JPY currency pair for October 13, 2017

Analysis of wave counting:

Yesterday, the pair USD / JPY was still in the range with a maximum amplitude of price change of about 40 pp. At the same time, it can be assumed that the currency pair remained in the final stage of the formation of the wave c, b, (C), taking the form of a five-wave structure. If this is the case, the repeated breakdown of the level of the 112th figure can lead to the resumption of the ascending movement, which, in turn, will designate 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 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. Within the correction wave b, in the future (C), the decline in quotations may continue with the goals between 111 and 112 figures.