FX.co ★ Wave analysis of the USD/JPY currency pair for November 8, 2017

Analysis of wave counting:

The USD/JPY pair started yesterday's trading with an upward movement, however, it failed to gain a foothold above the level of the 114th figure and to the end of the day fell back to the level of 113.80. Thus, it can be assumed that the currency pair was still in the stage of formation of the 2nd wave, in c, in (C), in which its internal wave c somewhat complicated its wave structure. If this is the case, the currency pair has retained the potential for resuming the decline of quotations in the direction of targets for this wave, in the 2nd, in c, in (C), located in the range between 113.35 - 112.70.

Targets for a downward wave option:

113.04 - 50.0% by Fibonacci

112.71 - 61.8% by Fibonacci

Targets for an upward wave option:

115.00 - 117.00

General conclusions and trading recommendations:

The trading instrument continues to build an upward set of waves. Now the wave (C) is being constructed, and the construction of its internal wave c, at 2, in c, with targets located near the estimated marks 113.04 and 112.71, which corresponds to 50.0% and 61.8% Fibonacci. After the completion of this wave it is expected to resume the increase in quotations within wave 3 in c, in (C).