Analysis of wave counting:

The Friday's USD / JPY trades began with a slowly developing downward movement and already reached the level of 108.65 in the middle of the European session, after which it returned to the opening levels of the day. The resulting wave situation suggests that the currency pair continued to make attempts to confirm the transition to the stage of formation of the first generating waves in the future wave 5, C, C, (B). At the same time, as mentioned earlier, the currency pair retains the potential to resume the growth of quotations to 110.25 (or even 110.50) and further complicate the internal wave structure of the wave 5, c 4, C, C, (B).

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:

110.26 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The tool continues to complicate the downward trend section. The decrease of quotations may continue 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, can become even more complicated with targets located near the calculated mark of 110.26, which corresponds to 61.8% of Fibonacci. An unsuccessful attempt to break through the level of 110.26 may lead to the completion of an upward wave. The upward corridor preserves the prospects for rising quotes.