Analysis of wave counting:

In general, the breakdown of the level of the 112th figure allowed the pair USD / JPY to resume the downward movement, losing about 110 bp, and stop before the level of 111.00 at the end of the day. Thus, the emerging wave situation suggests that the currency pair has almost completed the formation of the 2nd wave, as part of the future C, E, (B). If this is the case, the 2nd wave, in C, E, (B), will not further complicate its wave structure. The currency pair will continue to show a decline in quotations towards the minimum reached on July 24 (110.60).

Targets for a downward wave option:

110.77 - 127.2% by Fibonacci

110.20 - 161.8% by Fibonacci

Targets for an upward wave option:

112.09 - 38.2% by Fibonacci

112.55 - 50, 0% by Fibonacci

General conclusions and trading recommendations:

The instrument completed the construction of the wave E, C, (B). In the framework of the construction of wave 3, C, E, (B), the decline in quotations may resume with targets near the calculated levels of 110.77 and 110.20, which is equivalent to 127.2% and 161.8% of Fibonacci. An unsuccessful attempt to break the mark of 112.09 could lead to the completion of the construction of the correctional wave 2.