Analysis of wave counting:

In general, it is expected that trade of USD / JPY pair yesterday started from the upward movement and added more than 60 bp in price. It reached the level of 113.45 at the end of the day. The resulting wave situation can be assumed as a confirmation of the transition to the stage of formation of the first generating waves in the composition of the wave c, in b, in b, in (C). At the same time, the probability of resuming the decline of quotations will persist until the price reaches the maximum of December 12 (113.75), with the prospect of a significant complication of the internal wave structure of wave b, in b, in b, in (C), or even the beginning of the formation of the future wave c, in b, in (C).

Targets for a downward wave option:

111.89 - 38.2% by Fibonacci

111.02 - 50.0% of Fibonacci

Goals for the option with an upward wave:

113.43 - 100.0% Fibonacci retracements

113.98 - 127.2% by Fibonacci

General conclusions and trading recommendations: