FX.co ★ Wave analysis of the USD / JPY currency pair for January 8, 2018

Analysis of wave counting:

In the course of trading on the last day of last week, the pair USD / JPY continued to develop the upward movement, adding almost 60 pp in price and has reached the level of 113.30. At the same time, it seems that, despite such a rise in quotes, the currency pair remained in the stage of formation of the wave c, c, b, (C), in which its internal wave b assumed a somewhat elongated appearance. If this is so, then the currency pair will resume the decline in the direction of the level of the 111th figure already from the maximum reached on Friday and will thus designate the beginning of the wave c, c, c, b, (C).

Targets for the downward wave option:

111.89 - 38.2% by Fibonacci

111.02 - 50.0% by Fibonacci

Targets for the upward wave option:

113.59 - 161.8% by Fibonacci

113.88 - 11.4% by Fibonacci

General conclusions and trading recommendations:

The tool continues to build an upward trend segment. The increase in quotations may resume with targets near the mark of 113.59 and 113.88, which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, (C). This wave can take a very long form. At the same time, the decline in quotes within the wave c, c, b, (C) may resume, with targets near the mark of 111.01, which corresponds to 50.0% of Fibonacci.