Analysis of wave counting:

At the beginning of the yesterday's trading, the attempt to test the level of 111.50 ended with a failure, losing about 80 pp at the end of the day, and the pair USD / JPY fell slightly below the level of 110.70. Thus, we can assume that the currency pair continued to make attempts to transition to the stage of formation of the first generating waves in the composition of the future wave c, a, (C). At the same time, the currency pair retained the potential, allowing it to complicate the internal wave structure of the waves c, b, a, (C) and resume the decline of quotations to the level of the 110th figure.

The targets for the downward wave option:

110.14 - 61.8% of Fibonacci

The objectives for the construction of an upward wave:

113.59 - 161.8% of Fibonacci

113.88 - 11.4% of Fibonacci

General conclusions and trading recommendations:

The tool continues to build the uptrend section of the trend. The increase in quotations may continue with the targets near the marks of 113.59 and 113.88 (these goals will be further specified), which corresponds to 161.8% and 11.4% of Fibonacci, within the wave c, a, (C ). Wave b, a, (C) supposedly completed its construction near the mark of 110.14, which is equivalent to 61.8% of Fibonacci.