Analysis of wave counting:

At the beginning of yesterday's trading, only after the decline to the level of 108.45, and also losses of about 60 percentage points, the pair USD / JPY was able to start the expected rollback of quotations and worked out the mark of 109.65 in the second half of the day. The resulting wave situation allows us to assume that as a result of such a significant drop in the price, the Friday's maximum (110.10) may turn out to be the apex of the 4th wave, in the form of a five-wave structure taking the form of wave c, b, a, (C). If so, the currency pair will resume the decline of quotations and will update the minimum reached on January 26 (108.28), or reach the level of 107.40.

The objectives for a downward wave option:

108.28 - 100.0% of Fibonacci

107.41 - 127.2% of Fibonacci

The objectives for the option with an upward wave:

111.01 - 50.0% of Fibonacci

111.89 - 38.2% of Fibonacci

General conclusions and trading recommendations:

The tool continues to build the uptrend section of the trend. The increase in quotations may resume with targets near the marks of 111.01 and 111.89, which corresponds to 50.0% and 38.2% of Fibonacci, within wave 1, c, a, (C). The wave b, a, (C) can take a more complex view, and the decline in quotations may continue with the targets being around 108.28 and 107.41, which equates to 100.0% and 127.2% of Fibonacci.