Analysis of wave counting:

Failing to execute the turn during the beginning of yesterday's European session, the USD / JPY pair resumed the downward movement and at the end of the day stopped several points from the level of the 111th figure. Also, in connection with such a significant reduction in the price, it seems that the currency pair remained in the stage of formation of the wave b, in a, and in (C), where its internal wave b took the form of a correctional triangle. If this is so, the wave's own wave dimension c, in b, in a, and in (C) allows the possibility of continuing the decline of quotations up to the level of 110.75-110.70.

Targets for a downward wave option:

111.02 - 50.0% of Fibonacci

110.73 - 423.6% Fibonacci retracement

Goals for the option with an upward wave:

113.59 - 161.8% Fibonacci retracement

113.88 - 11.4% by Fibonacci

General conclusions and trading recommendations: