FX.co ★ USD/JPY Wave Analysis for September 16, 2010

Yesterday the intervention of the Bank of Japan upraised the price of USD/JPY by three figures from the level of the figure 83. Thus, as we remarked already yesterday, the decreasing part of the trend which has been developing since August 30, can be considered completed. It is still rather difficult to state if it will be possible by such actions to form a recoil of the market in favour of the US dollar, as the fundamental reasons which caused the yen touch the multi-year lows, and they are not yet cleared.