FX.co ★ Wave analysis of the USD / JPY currency pair. Weekly review

Analysis of wave counting:

The general optimism of the currency market against the dollar allowed the pair USD / JPY to start the trading last week with the upward movement and work out the mark of 109.50 on Friday. At the same time, it seems that as a result of dynamic growth of quotations by 180 percentage points, the currency pair, nevertheless, completed the formation of the wave c, 4, c, B, (B). If this is so, then from the already reached Friday's maximum, the currency pair can execute a turn and designate the beginning of the future wave 5, c, B, (B).

The objectives for the option with the construction of a downward wave:

103.55 - 261.8% of Fibonacci

102.00

The objectives for the option with the construction of an upward wave:

109.18 - 50.0% of Fibonacci

110.26 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The pair USD / JPY continues to build the expected wave (B). Thus, the lowering of quotations may resume within the framework of wave 5, c, B, (B) with targets near the estimated mark of 103.55, which equates to 261.8% of Fibonacci, and lower, about 102 figures. Within the limits of wave 4, c, B, (B), it is possible to continue the withdrawal of quotations from the minimum reached with targets near the marks of 109.18 and 110.26, which corresponds to 50.0% and 61.8% of Fibonacci. The MACD divergence warns of the tool's willingness to build a bearish wave.