Analysis of wave counting:

During the Friday's European session, the pair USD / JPY began with the resumption of the downward movement from the level of 109.30, having lost more than 120 percentage points in price and stopped before the level of the 108th figure at the end of the day. It can be assumed that the currency pair has almost completed the formation of the internal wave structure of the wave 5, c, b, a, (C). If this is the case, keeping the potential for lowering the quotations to 107.40, the currency pair may make a turn at any time and designate the beginning of the future wave c, a, (C), as indicated by a fairly strong divergence of MACD.

The objectives for a downward wave option:

108.28 - 100.0% of Fibonacci

107.41 - 127.2% 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 the uptrend section of the trend. The increase in quotations may resume with the targets near the marks of 111.01 and 111.89, which corresponds to 50.0% and 38.2% of Fibonacci, within the framework of the construction of the complicated wave 4, c, b, a, (C). Within the limits of wave 5, c, b, a, (C), the decrease in quotations may continue with the targets being about 108.28 and 107.41, which equals to 100.0% and 127.2% of Fibonacci, and below.