Wave analysis of the USD/JPY currency pair for January 29, 2010

Yesterday, the USD/JPY currency pair did not continue the downward trend in favor of Yen and started to move away from the level of 89.15. Taking into account MACD strong divergence, it could be supposed that the current part of the downward trend is finished. However, some deficiency of waves in zone between January 21 and 27 can let the Yen refresh the price movement for its own benefit in the direction of the correctional level of 88.95, but may be further – to the level of 88.45.

analyst: A. Dneprovskiy