Wave marking analysis:
Yesterday the USD/JPY pair has failed to test the previous lows corresponding to the point 79.65. As a result, the pair has entered the narrow range. At the moment the inner wave structure of the wave 5 in 5 looks as not quite completed. Therefore, we can assume that in order to finish completely the wave 5 the price will try again to reach the level of 79.50. After this the whole descending wave structure beginning in March can be considered as completed.

Targets for the option with the wave 5 in 5 of the downside part of the trend:
79.63 – 100.0% of Fibonacci
79.35 – 127.2% of Fibonacci

Targets for the option with the b3eginning of the uprising part of the trend after the completion of the wave 5 in 5:
80.54 – 50.0% of Fibonacci
80.75 – 61.8% of Fibonacci

General conclusions and trading recommendations:
At the moment the wave 4 in 5 completed its development having elaborated the level of 50.0% twice. That is why in general the pair is expected to decline in the nearest future towards 79.63 and 79.35 which corresponds to 100.0% and 127.2% of Fibonacci. When this wave is completed, the global upward movement is likely to be resumed. In particular the new part of the upward trend will be formed in the nearest future.