Analysis of wave counting:

At the beginning of yesterday's trading, the pair USD / JPY resumed the development of a downward movement after losing nearly 100 pp, and completed the day near the level of the 112th figure. The resulting wave situation allows us to assume that the currency pair is still in the stage of forming the 1st wave, in the future wave C, E, (B). If this is the case, then from the minimums of the past day, or after a decline to the level of 111.00, the currency may indicate the beginning of the 2nd wave, in C, E, (B), as indicated by a rather strong divergence of MACD.

Targets for a downward wave option:

112.00 - 111.00

Targets for an upward wave option:

113.00

114.72 - 127.2% by Fibonacci

115.00

General conclusions and trading recommendations:

The instrument supposedly completed the construction of the wave E, C, (B). Within the framework of the construction of wave C, E, (B), the reduction of quotations can continue with the goals of about 112 and 111 figures (these goals will be further clarified). Wave c, B, E, (B) can complicate its internal structure, but at the moment it looks complete. A small convergence of MACD warns of the readiness of the tool to build a correctional wave 2.