Analysis of wave counting:
During yesterday's trading, the USD/JPY pair did not show any significant activity, although it was able to lose about 20 bp, stopping at the end of the day before the 113.10 mark. Thus, it can be assumed that the currency pair has attempted to resume the development of the downward movement, which confirms the transition to the stage of the formation of the wave c, in b, in ( C ), originating from the maximum level on December 12.
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:
113.59 - 161.8% Fibonacci retracement
113.88 - 11.4% by Fibonacci
General conclusions and trading recommendations:
The tool continues to build the uptrend section of the trend. The increase in quotations may resume with the targets near the marks 113.59 and 113.88, which corresponds to 161.8% and 11.4% of Fibonacci, within the limits of wave c, in b, in b, in (C). This wave can take a very long form. Also, there is still a probability of complicating the entire wave marking of the instrument, which will require adjustments.