Wave analysis of the USD / JPY currency pair for May 17, 2018

Analysis of wave counting:

The yesterday’s attempt to complete the heavily prolonged upward movement was completed by failure, and from the level of the 110th figure, the price of the currency pair USD / JPY returned to the area of highs reached on Tuesday. The resulting wave situation allows us to assume that the currency pair remained in the stage of formation of the wave 5, a, 4, C, C, (B), keeping the potential for growth of quotations, at least to the level of 111.00. At the same time, under the current circumstances, a currency pair may at any time make a turn and still complete the entire wave a, 4, C, C, (B).

The objectives for the option with purchases:


111.85 — 76.4% of Fibonacci

The objectives for the option with sales:

109.18 — 50.0% of Fibonacci

108.10 — 38.2% of Fibonacci

General conclusions and trading recommendations:

The upward wave 4, C, C, (B) complicated its internal wave structure, which led to the refinement of the whole wave counting. Thus, I recommend buying a pair with targets that are about 111 figures and an estimated level of 111.85, which is equivalent to 76.4% of Fibonacci. I recommend going back to sales after the completion of wave 4, which can be determined, for example, on the output of the tool from the upward corridor.

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