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

The USD/JPY has continued to decline, has stopped near the correction level 38.2% and has almost formed a 5-wave structure of the estimated a-wave. If so, the 4th wave of the whole uptrend, initiated February 4, is supposed to become more complicated and continuous. At the same time, given the general volatility on currency markets, the pair might form b and c waves and resume a growth in favour of the dollar at an accelerated pace.