Analysis of wave counting:

In general, it is expected that yesterday's testing of the level of the 109th figure and working off of the mark 109.20 provoked a rebound in the price of the pair USD / JPY by more than 50 percentage points from the maximum overseas session. Thus, the current wave situation allows us to assume that the currency pair has attempted to complete the process of formation of the entire wave 4, C, C, (B) and designate the beginning of the future wave 5, C, C, (B). If this is so, then the currency pair may have good prospects for resuming the decline of quotations in the direction of the March low, located at the mark of 104.60.

The objectives for the option with a downward wave:

106.77 - 23.6% of Fibonacci

105.00

The objectives for the option with an upward wave:

109.18 - 50.0% of Fibonacci

General conclusions and trading recommendations:

The tool continues to complicate the downward section of the trend and wave counting has suffered some changes. The lowering of quotations may begin with the goals, which are about 105 and 104 figures, within the framework of the construction of wave 5, C, C, (B). Wave c, 4 continues to become more complicated with targets located near the calculated mark of 109.18, which corresponds to 50.0% of Fibonacci. An unsuccessful attempt to break the mark of 109.18 could lead to the completion of the construction of the upward wave.