Analysis of wave counting:

As expected, the decline of the pair USD / JPY to the level of 108.50 led at the end of yesterday's trading to turn the price in favor of the dollar and its subsequent rebound by almost 120 pp from the already reached minimum. The current wave situation allows us to assume that the currency pair completed the formation of the wave c, b, a, (C) and attempted to designate the beginning of the future wave c, a, (C). If this is so, then the currency pair may have good prospects for the development of the upward movement towards the November highs of the previous year, located on the approach to the level of the 115th figure.

The targets for the downward wave option:

108.00

The targets for the upward wave option:

113.59 - 161.8% of Fibonacci

113.88 - 11.4% of Fibonacci

General conclusions and trading recommendations:

The instrument continues to build the uptrend section of the trend. The increase in quotations may resume with the targets near the marks of 113.59 and 113.88 (these goals will be further specified), which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, a, (C). The wave b, a, (C) supposedly completed its construction.