empty
 
 
01.08.2017 09:45 AM
Wave analysis of the currency pair USD / JPY for August 1, 2017

This image is no longer relevant

Analysis of wave counting:

As expected, yesterday's USD / JPY trades started with a downward movement after a short delay near the level of 110.50 and it reached the level of 110.20 at the end of the day. At the same time, it can be assumed that the currency pair remained in the formative stage of the receiving five-wave structure, the 3rd wave, in the future C, E, (B). If this is the case, the currency pair will continue to decline in the direction of the first settlement targets for this 3rd wave, C, E, (B), located in the range between the levels of 109.80 - 108.30.

Targets for a downward wave option:

109.79 - 61.8% by Fibonacci

108.30

Targets for an upward wave option:

111.00 - 112.00

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 decrease in quotations may continue with the targets near the level of 109.79, which is equivalent to 61.8% Fibonacci, and lower about 108 figures. An unsuccessful attempt to breach the level of 112.09 led to the completion of the construction of the correctional wave 2. The downward corridor preserves the prospects for constructing a downtrend section of the trend.

Chin Zhao,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback