Wave analysis of the USD/JPY currency pair for May 11, 2018 888011000 110888 Analysis of wave counting: Evaluating at the beginning of yesterday’s European session of the level of the 110th figure provoked a rebound in the cost of the USD/JPY set by 70 basis points, to the level of 109.30. The resulting wave situation recommends that, in spite of the return of quotes to the May 2 highs, the currency pair remained in the stage of formation of the first creating waves in the composition of the future 1st wave, in the 5th, in C, in C, in(B). At the exact same time, the currency set still maintainsthe prospective to continue the upward motion, at least to the level of 110.25, as well as more issue of the internal wave structure of the entire wave c, in the 4th, in C, in C, in( B). Targets for buying:111.50-76.4 %by Fibonacci Targets for selling: 108.10- 38.2% by Fibonacci 106.77-23.6%by Fibonacci General conclusions and trading recommendations: The upward wave 4, in C, in C, in( B), is expected to be finished, like the supposed wave 2, at 1, at 5, at C, at C, at (B). Hence, it is recommended to sell the set with targets near the approximated level of 108.10, which is comparable to 38.2 %of Fibonacci. Purchasing the pair is recommended after an effective effort to break through the mark of 110.26, as this will indicate an even more complex wave 4, in C, in C, in(B). The product has been provided by InstaForex Business- www.instaforex.com

Leave a Reply

Your email address will not be published. Required fields are marked *