FX.co ★ Wave analysis of the USD/JPY currency pair for November 16, 2017

Analysis of wave counting:

Starting yesterday's trading with a downward movement, the USD/JPY pair lost about 100 basis point and only after that fell back to the level of 113.20. Thus, it seems that wave c, in the 2nd wave, in c, in (C), took the form of an almost complete five-wave structure. If this is the case, then from the low of the past day, or after the price falls to 112.30, the currency pair will resume the rise of quotes, thus indicating the beginning of the third wave, in c, in (C).

Targets for a downward wave option:

112.30 - 76.4% by Fibonacci

111.96 - 88.6% by Fibonacci

Targets for an upward wave option:

115.00 - 117.00

General conclusions and trading recommendations:

The trading instrument continues to build the upward section of the trend. 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 112.30 and 111.96, which corresponds to 76.4% and 88.6% Fibonacci. After the completion of this wave (possibly already finished), the resumption of the increase in quotes within wave 3 in c, in (C) with targets above 115 figures is expected.