FX.co ★ Wave analysis of the USD / JPY currency pair for February 1, 2018

Analysis of wave counting:

During the yesterday's trading, the pair USD / JPY still managed to continue the development of the upward movement and worked out the mark of 109.40 at the end of the day. Thus, as noted earlier, it seems that the currency pair remained in the stage of formation of the first generating waves in the composition of the future wave c, a, (C). At the same time, the likelihood of a pair of declining quotations and a further increase in the complexity of the wave c, b, a, (C) is still valid.

Targets for a downward wave option:

108.28 - 100.0% of Fibonacci

107.41 - 127.2% of Fibonacci

Goals for the option with an upward wave:

113.59 - 161.8% of Fibonacci

113.88 - 11.4% of Fibonacci

General conclusions and trading recommendations:

The tool continues to build the uptrend section of the trend. The increase in quotations may begin with targets near the marks of 113.59 and 113.88 (these goals will be further specified), which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, a, (C ). The wave b, a, (C) supposedly completed its construction or can complete it near the mark of 108.28, which corresponds to 100.0% of Fibonacci.