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

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

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

Analysis of wave counting:

Despite the low activity of the market before the holidays, the pair USD / JPY was able to increase about 160 bp in the price. On Thursday, the market worked out the mark of 113.60. Thus, it can be assumed that the currency pair remained in the stage of formation of wave b, in a, in (C), somewhat complicating its internal wave c, despite significant growth in quotations. If this is the case, the currency pair can resume the development of the downward movement, with the prospect of returning the price to the region of the level of the 111th figure from the local maximum reached.

Targets for a downside wave option:

111.01 - 50.0% of Fibonacci

110.14 - 61.8% on Fibonacci basis

Goals for the option with the construction of an upward wave:

115.43 - 61.8% Fibonacci retracement

116.32 - 76.4% by Fibonacci

General conclusions and trading recommendations:

The USD/JPY pair continues to build the upward wave (C) . Thus, the increase in quotations may continue within the wave c, in a, (C) with targets located near the estimated levels of 115.43 and 116.32 , which corresponds to 61.8% and 76.4% of Fibonacci (these goals are still will be reviewed). The assumed wave b, in a, in ( C ) can resume its construction, complicating its internal wave structure.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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