Analysis of wave counting:

After beginning yesterday's trading with the upward movement, the USD/JPY pair was able to add more than 70 basis points in price and at the end of the day reached 112.70. It can be assumed that the currency pair made an attempt to complete the formation of the 4th wave, in a, in (C) and mark the start of the future 5th wave, in a, in (C). If this is the case, then the currency pair may have good prospects for continuing the growth of quotes towards the highs of the beginning of the month.

Targets for a downward wave option:

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 uptrend section of the trend. Now the construction of the wave (C) is continuing, its internal wave c, at 4, in a, in (C) has supposedly completed its construction near the estimated level of 111.96, which corresponds to 88.6% of the Fibonacci. Thus, now is expected to resume the increase in quotations within the wave 5 in a, in (C) with targets located above 115 figures.