Wave analysis:
Yesterday’s low trading activity made the USD/JPY pair come back to the early trading level after testing the level of 98. Low price growth from its minimum level in the Thursday’s session may be considered as the currency pair’s attempts to form 5th wave in terms of uptrend, which started its development on August 8. Meanwhile, the possibility that the price may reverse to the lows of the early month cannot be rolled out at the current state of affairs.
Targets for down wave:
96.35 – 23.6% of Fibonacci
95.18 – 11.4% of Fibonacci
Targets for up wave:
98.90 – 50.0% of Fibonacci
100.04 – 61.8% of Fibonacci
Summary and trading recommendations:
The trading instrument greatly complicated the wave structure, which now looks rather indefinitely. The quotes rising may continue with the targets situated near the 98.90 and 100.04 levels that make, according to Fibonacci, 50.0% and 61.8%. Within the rising wave, there is a possibility of a new upward trend. The wave structure seems quite completed that proves the instrument readiness to create new uptrend section.
The material has been provided by InstaForex Company - www.instaforex.com
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