Analysis of wave counting:
Starting yesterday's trading with a downward movement, the pair USD / JPY lost about 80 pp and fell to the level of 112.35 in the afternoon. Thus, it seems that the internal wave structure of wave c, b, (C) still took the form of an extended horizontal correction in time. If this is the case, then the still not quite completed wave e, c, b, (C), assumes the likelihood that an attempt to approach the 112.00 support level may lead to a price reversal in favor of the dollar and the beginning of the formation of a future wave c, (C).
Targets for the downward wave option:
111.89 - 38.2% of Fibonacci
111.02 - 50.0% of Fibonacci
Targets for the upward wave option:
113.59 - 161.8% of Fibonacci
113.88 - 11.4% of Fibonacci
General conclusions and trading recommendations:
The tool continues to build an upward trend segment. The increase in quotations may resume with targets near the mark of 113.59 and 113.88, which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, (C). This wave can take a very long form. At the same time, now the decline in quotations within the complex wave b, (C) can continue with the targets located near the level of 111.89, which corresponds to 38.2% of Fibonacci.
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