Analysis of wave counting:

In general, it is expected that during the Friday's trading, the pair USD / JPY continued to develop a downward movement and only after working off the level of 108.60, rebounded by 100 pp from the already reached minimum. At the same time, it can be assumed that the currency pair remained in the formative stage of assuming the form of a full five-wave structure, the 5th wave, 1st, C, E, (B). If this is the case, then in the process of completing this 5th wave, 1st, C, E, (B), the currency pair can resume the decline of quotations to around 108.30 or to the level of the 108th figure.

Targets for the downward wave option:

108.30 - 100.0% by Fibonacci

108.00

Targets for the upward wave option:

110.00 - 111.00

General conclusions and trading recommendations:

The instrument continues to build wave C, E, (B). In the framework of the construction of wave 5, 1, C, E, (B), the reduction of quotes continues with the targets near the calculated mark of 108.30, which equates to 100.0% Fibonacci, and lower, about 108 figures. After the completion of the construction of this wave, the quotations are expected to increase within the framework of wave 2, C, E, (B).