Analysis of wave counting:

In the conditions of very low trading activity of the past week, the currency pair USD / JPY still continued the growth of quotations and reached the level of 107.85 by the end of the Friday session. Thus, it seems that despite the strong enough divergence of the MACD, the currency pair remained in the stage of formation of the wave c, 4, c, B, (B). If this is the case, then working out a correction level of 38.2% located in the 108.10 area may lead to a price turn against the dollar, which in turn will mark the beginning of the future wave 5, c, B, (B ).

The objectives for the option with the construction of a downward wave:

103.55 - 261.8% of Fibonacci

102.00

The objectives for the option with the construction of an upward wave:

108.10 - 38.2% of Fibonacci

109.18 - 50.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair USD / JPY continues the construction of the supposed wave (C). Thus, the lowering of quotations may resume within the framework of wave 5, c, B, (B) with targets near the estimated mark of 103.55, which equates to 261.8% of Fibonacci, and lower, about 102 figures. Within the limits of wave 4, c, B, (B), it is possible to continue the withdrawal of quotations from the minimum reached with targets near the marks 108.10 and 109.18, which corresponds to 38.2% and 50.0% of Fibonacci. The divergence of MACD warns about the readiness of the instrument to downgrade.