11.08.201711:03 Forex Analysis & Reviews: Wave analysis of the USD / JPY currency pair for August 11, 2017

Analysis of wave counting:

The geopolitical problems in the Far East rendered significant support to the yen, which allowed the pair USD / JPY to start yesterday's trading with a downward movement and finish the day with a fall to 109.10. At the same time, it can be assumed that the currency pair remained in the stage of formation of the 5th wave, in the 1st, C, E, (B), nearing its completion and making its wave structure even more complicated. If this is so, while maintaining the potential for reversal and completion of the entire 1st wave, C, E, (B) near the low of the past day, the currency pair may continue to decline quotations up to the level of 108.30.

Targets for the downward wave option:

108.30 - 100.0% by Fibonacci

Goals for the upward wave option:

109.79 - 61.8% by Fibonacci

111.00 - 112.00

General conclusions and trading recommendations:

The instrument completed the construction of wave E, C, (B). Within the framework of the construction of wave 5, 1, C, E, (B), the reduction of quotes continues with the targets near the calculated mark of 108.30, which is equivalent to 100.0% of Fibonacci. After the completion of the construction of this wave, the quotations will begin to rise within the framework of the correctional 2, C, E, (B) with targets located about 111 and 112 figures.