Analysis of wave counting:

Yesterday's USD / JPY trades started from the upward movement, adding more than 70 percentage points in the price and reached the level of 107.40 in the afternoon. Thus, the emerging wave situation allows us to assume that, despite such an upward movement, the currency pair remained in the stage of formation of the first generating waves in the composition of the future wave 5, 5, 3, C, C, (B). If this is so and wave e, 4, 5, 3, C, C, (B) will not yet further complicate its wave structure, then practically from the maximum of the last day, the pair will resume the decline of quotations in the direction of the level of the 104th figure.

The objectives for the option with a downward wave:

105.00 - 104.00

The objectives for the option with an upward wave:

107.42 - 38.2% of Fibonacci

108.00

General conclusions and trading recommendations:

The tool continues to complicate the downward trend section. The lowering of quotations may resume with targets of about 105 and 104 figures, within the framework of the construction of wave 5, 5, 3, C, C, (B), since wave 4 assumed a very complicated form, but it seems to have completed its construction near the estimated mark of 107.42, which corresponds to 38.2% of Fibonacci, or close to completion. Further increase in quotations will lead to the need to refine the wave counting.