Analysis of wave counting:

Not reaching the settlement target of just a few points, yesterday's USD / JPY trades started from the upward movement, having added more than 110 pp in price and closed the American session above the level of the 111th figure. Thus, we can assume that the currency pair has attempted to complete the formation of the wave b, a, (C) and denote the beginning of the future wave c, a, (C). At the same time, the probability of some complication of the internal wave structure of the wave c, b, a, (C) and the resumption of the decline of quotations in the direction of the level 110.00 remain.

The targets for the downward wave option:

110.14 - 61.8% of Fibonacci

The objectives for the construction of an upward wave:

113.59 - 161.8% of Fibonacci

113.88 - 11.4% of Fibonacci

General conclusions and trading recommendations:

The tool continues to build the uptrend section of the trend. The increase in quotations may resume with the targets near the marks of 113.59 and 113.88, which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, a, (C). Wave b, a, (C) supposedly completed its construction near the mark of 110.14, which is equivalent to 61.8% of Fibonacci.