empty
 
 
05.02.2018 09:43 AM
Wave analysis of the USD / JPY currency pair for February 5, 2018

This image is no longer relevant

Analysis of wave counting:

As expected, during the Friday's trading, the pair USD / JPY continued to develop the upward movement, having added about 120 percentage points in price and halted before the level of 110.50 in the afternoon. Thus, we can assume that the currency pair, as before, was in the stage of formation of the 1st wave, as part of the future wave c, a, (C), while practically completing its internal 3rd wave. If this is so, then before the beginning of the wave 5, 1, c, a, (C), the currency pair can be adjusted to the area of marks 109.40-109.30. At the same time, as it was mentioned earlier, the probability of the currency pair's lowering of the quotes renewal, with the prospect of transforming the wave c, b, a, (C) into a full five-wave structure, has not lost its relevance.

The objectives for a downward wave option:

108.28 - 100.0% of Fibonacci

107.41 - 127.2% of Fibonacci

The objectives for an upward wave option:

111.01 - 50.0% of Fibonacci

111.89 - 38.2% of Fibonacci

General conclusions and trading recommendations:

The tool continues to build the uptrend section of the trend. The increase in quotations may continue with the targets near the marks of 111.01 and 111.89, which corresponds to 50.0% and 38.2% of Fibonacci, within the wave 1, c, a, (C). The wave b, a, (C) supposedly completed its construction near the mark of 108.28, which corresponds to 100.0% of Fibonacci.

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