FX.co ★ Wave analysis of the USD /JPY currency pair for November 15, 2017

Analysis of wave counting:

Another attempt to develop a more significant upward movement yesterday ended with another failure and from the mark of 113.90 the price of the USD/JPY pair fell back to the level of 113.30. The resulting wave situation makes it possible to assume that the currency pair still remained in the stage of formation of the first generating waves in the composition of the future 3rd wave, in c, in (C). If this is the case and a fall below the level of the 113th figure, the currency pair will not further complicate the 2nd wave, in c, in (C), then it may have prospects for resuming the growth of quotes in the direction of level 115.00.

Targets for a downward wave option:

113.04 - 50.0% by Fibonacci

112.71 - 61.8% by Fibonacci

Targets for an upward wave option:

115.00 - 117.00

General conclusions and trading recommendations:

The trading instrument continues to build an upward set of waves. Now the wave (C) is being constructed, and the construction of its internal wave 2, in c, in (C), with targets located near the estimated marks 113.04 and 112.71, which corresponds to 50.0% and 61.8% Fibonacci. After the completion of this wave (which is possibly already finished), the resumption of the increase in quotes within wave 3 in c, in (C) with targets above 115 figures, is expected. An unsuccessful attempt to break through 113.04 could lead to the completion of wave 2.