Analysis of wave counting:

Having failed to overcome the mark of 109.50, in the middle of Friday's trading, the pair USD / JPY began to decline from the maximum of the European session and fell back to the level of the 109th figure at the end of the day. It can be assumed that the currency pair still completed the wave 5, c, 4, C, C, (B) and made another attempt to go into the stage of formation of the future wave 5, C, C, (B). If this is so, then the currency pair may have good prospects for a price return to the area of the March lows located at the level of 104.60.

The objectives for the option with a downward wave:

108.10 - 38.2% of Fibonacci

106.77 - 23.6% of Fibonacci

The objectives for the option with an upward wave:

109.54 - 161.8% of Fibonacci

110.26 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The tool continues to complicate the downward section of the trend and wave counting has suffered some changes. The decline in quotations may begin with the first targets near the marks of 108.10 and 106.77, which corresponds to 38.2% and 23.6% of Fibonacci, within the framework of the construction of wave 5, C, C, (B). Wave c, 4 continues to become more complicated with targets located near the calculated marks of 109.54 and 110.26, which corresponds to 161.8% and 61.8% of Fibonacci.