Analysis of wave counting:
In general, it is expected that trade of USD / JPY pair yesterday started from the upward movement and added more than 60 bp in price. It reached the level of 113.45 at the end of the day. The resulting wave situation can be assumed as a confirmation of the transition to the stage of formation of the first generating waves in the composition of the wave c, in b, in b, in (C). At the same time, the probability of resuming the decline of quotations will persist until the price reaches the maximum of December 12 (113.75), with the prospect of a significant complication of the internal wave structure of wave b, in b, in b, in (C), or even the beginning of the formation of the future wave c, in b, in (C).
Targets for a downward wave option:
111.89 - 38.2% by Fibonacci
111.02 - 50.0% of Fibonacci
Goals for the option with an upward wave:
113.43 - 100.0% Fibonacci retracements
113.98 - 127.2% by Fibonacci
General conclusions and trading recommendations:
The tool continues to build the uptrend section of the trend. The increase in quotations may continue with targets near the marks 113.43 and 113.98, which corresponds to 100.0% and 127.2% of Fibonacci, within the limits of wave c, in b, in b, in (C). This wave can take a very long form. Also, the probability of complicating the entire wave marking of the instrument and making adjustments remain.