empty
 
 
20.02.2018 09:35 AM
Wave analysis of the USD / JPY currency pair for February 20, 2018

This image is no longer relevant

Analysis of wave counting:

During the yesterday's trading, the pair USD / JPY continued its slow development of the upward movement, adding about 60 percentage points in price and managed to work out the level of 106.70 in the middle of the day. Thus, the emerging wave situation suggests that the currency pair made an attempt to complete the formation of the wave 4, 5, 5, 3, C, C, (B). If this is the case, then practically from the maximum already reached yesterday (or slightly higher), the currency pair may resume the decline of quotations and at least update the Friday's minimum (105.50), having moved to the stage of formation of the wave 5, 5, 5, 3, C, C, (B).

The objectives for the option with a downward wave:

106.07 - 423.6% of Fibonacci

105.22 - 523.6% 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 a long-term uptrend. All the wave counting has undergone major changes. The decrease of quotations may continue with the targets near the levels of 106.07 and 105.22, which corresponds to 423.6% and 523.6% of Fibonacci, within the framework of the construction of the complicated wave 5, 5, 3, C, B, (B).

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 $1000 more!
    In April we raffle $1000 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