Analysis of wave counting:

On Friday, the attempt of the currency pair USD / JPY to continue the downward movement failed and the price returned to the 107th figure area at the end of the auction. At the same time, as a result of a decrease to 106.50, the internal wave structure of the 2nd wave, in the composition of the future wave a, 4, C, C, (B), almost completed form. If this is the case, then from the minimum already reached on the last day of last week, the currency pair may resume the growth of quotations and go to the stage of formation of the wave 3, a, 4, C, C, (B). At the same time, as noted earlier, the wave structure of the entire wave 5, 3, C, C, (B), which is not entirely convincing, still allows the probability of price reduction down to the level of the 104th figures.

The objectives for the option with a downward wave:

106.07 - 423.6% of Fibonacci

105.22 - 523.6% of Fibonacci

The objectives for the option with an upward wave:

107.25 - 108.00

General conclusions and trading recommendations:

The tool continues to build a long-term uptrend. The decline in quotations may continue with the targets on the way to the level of 106.07, which corresponds to 423.6% of Fibonacci, within the framework of the construction of wave 2, a, 4, C, C, (B). After its completion, it is expected that the upgrade will resume with targets above 108 figures.