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FX.co ★ USD/JPY wave analysis for February 7, 2011

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Forex Analysis:::2011-02-07T10:48:49

USD/JPY wave analysis for February 7, 2011

USD/JPY wave analysis for February 7, 2011

Decreasing price of the USD/JPY pair to the 81.20 level has marked the 5th wave in the estimated C and its probable completion. At the same time, further dynamic rebound of 120 pips in general proves completeness of the correction downside movement in the range of the 2nd wave, formed after January 7. If so, it is most likely that the pair will continue advancing in the direction of the levels near the 84 figure and above.

Analyst InstaForex
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