Technical analysis of USD/JPY for November 9, 2017

Wave marking analysis:

Generally expected, yesterday’s trading the pair USD/JPY upside movement, although after the mark 113,40 and dropped by more than 40 b.p. from made in the middle of the day minimum. Thus, it seems that the currency pair remained in the stage of formation of the 2nd wave, with, in (With) which its internal wave with is still not quite complete. If so, before you mark the beginning of a 3rd wave, with, (From), currency pair can go back to yesterday’s low, or even continue to decline to the level of the 113th figure.

Objectives for option c descending wave:

113,04 – 50.0% according to Fibonacci

112,71 – 61.8% according to Fibonacci

Targets for the option with a rising wave:

115,00 – 117,00

General conclusions and trading recommendations:

The pair continues building an upward set of waves. Now continues the formation of wave (C), and the construction of its inner waves, 2, with a, with targets placed near the calculated marks 113,04 and 112,71, which corresponds to 50.0% and 61.8% of Fibonacci. After completion of the construction of this wave is expected to resume higher valuations in terms of wave 3 in within (C) above 115 figure.The material has been provided by InstaForex company —

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