Analysis of wave counting:

Although with considerable effort, during the yesterday's trading, the pair USD / JPY was able to resume the development of the downward movement, dropping to the close of the US session to around 109.45. Thus, it seems that the currency pair has nevertheless moved to the stage of formation of the 5th wave, 1st, C, E, (B). If this is so, and the 4th wave, 1st, C, E, (B) will not further complicate its wave structure, the currency pair will continue to decline quotes, in the direction of the next calculated target for the entire assumed 1st wave, C, E, (B), located in the area of the mark of 108.30.

Targets for the downward wave option:

108.30 - 100.0% by Fibonacci

Goals for the upward wave option:

110.86 - 61.8% by Fibonacci

111.36 - 76.4% by Fibonacci

General conclusions and trading recommendations:

The tool continues to build the wave C, E, (B). In the framework of the construction of wave 5, 1, C, E, (B), the decline in quotes resumed with the targets near the calculated mark of 108.30, which equates to 100.0% of Fibonacci. An unsuccessful attempt to break through the level of 110.86 led to the withdrawal of quotations from the maximum reached and the completion of the wave 4.