Analysis of wave counting:

At the beginning of the Friday's trading, a deep breakdown of the level of the 106th figure led to a subsequent rebound in the price of the pair USD / JPY by more than 80 percentage points from the minimum of the Asian session (105.55). It can be assumed that the currency pair made an attempt to complete the formation of the wave 3, 5, 5, 3, C, C, (B) and designate the beginning of the wave 4, 5, 5, 3, C. If this is the case, the currency pair retains the potential for retesting the level of 106.00, or even lowering the quotations up to the level of 104.00.

The objectives for the option with a downward wave:

106.07 - 423.6% of Fibonacci

105.22 - 523.6% of Fibonacci

The objectives for the option with an upward wave:

111.01 - 50.0% of Fibonacci

111.89 - 38.2% of Fibonacci

General conclusions and trading recommendations:

The tool continues to build a long-term uptrend. All wave counting has undergone major changes. The decrease of quotations may continue with the targets near the levels of 106.07 and 105.22, which corresponds to 423.6% and 523.6% of Fibonacci, within the framework of the construction of the complicated wave 5, 5, 3, C, B, (B).