FX.co ★ USD/JPY wave analysis for January 28, 2011

The decision of S&P agency to cut Japan's sovereign debt rating made the USD/JPY drop by 100 pips in favour of the dollar. At the same time, given the current wave situation, we might suppose that after a slight decline of the price (probably in the range of the 4th wave) the growth can resume in the direction of the first target near 83.50.