FX.co ★ USD/JPY wave analysis for January 21, 2011

Amid positive US unemployment data, the USD/JPY reversed and was dynamic enough to reach the 83.10 level under the influence of the MACD divergence. At the same time the 2nd wave might be considered complete at a stretch. On the other hand, given the complicated wave structure of this 2nd wave, the yen still can resume downside movement in the direction of estimated correction level 61.8% (81.60).