FX.co ★ Wave analysis of the USD/JPY currency pair for December 1, 2017

Analysis of wave counting:

The attempt of the USD/JPY pair yesterday to form a significant downward correction was not successful, and until the end of the day the price resumed the upward movement, reaching 112.65. Thus, the emerging wave situation suggests that the currency pair was in the stage of formation of the 1st wave, in a, in c, in a, in (C), which by the close of the American session took a completely completed form. If this is the case, then before continuing the growth of quotations, the currency pair may take a pause and roll back to the area of the 112th figure level.

Targets for a downward wave option:

111.01 - 50.0% by Fibonacci

110.15 - 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 the upward section of the trend. The assumed wave b, in a, in (C) has completed its construction near the mark of 111.01, which corresponds to 50.0% of Fibonacci. If this assumption is correct, then the increase in quotes will continue with targets above 115 figures, within the limits of wave c, in a, in (C).