Analysis of wave counting:

Having started the yesterday's trading with the upward movement, the currency pair USD / JPY added about 50 percentage points in price and fell back to the level of 109.70 at the end of the day. The resulting wave situation allows us to assume that the currency pair is still in the formative stage of taking the increasingly complex form of the wave 3, 1, 5, C, C, (B). At the same time, under the prevailing conditions, there are no significant obstacles to the resumption of the growth of quotations up to the level of 111.60 and the significant complication of the internal wave structure of the entire wave 4, C, C, (B).

The objectives for the option with purchases:

111.50 - 76.4% of Fibonacci

The objectives for the option with sales:

108.10 - 38.2% of Fibonacci

106.77 - 23.6% of Fibonacci

General conclusions and trading recommendations:

The upward wave 4, C, C, (B) is supposedly completed, like the supposed wave 2, 1, 5, C, C, (B). Thus, I recommend selling the pair with targets near the estimated level of 108.10, which is equivalent to 38.2% of Fibonacci. The sales closing zone is higher than the maximum of the assumed wave 2, 1, 5, C, C, (B). I recommend buying a tool after a successful attempt to break through the level of 110.26, as this will mean the complication of wave 4, C, C, (B).