FX.co ★ USD/JPY wave analysis for March 24, 2011

The USD/JPY price has been still near the 81 figure level for two days already. Respectively, as we mentioned before, in the framework of the scenario assuming resumption of the downside movement the price continued to form a more complex wave structure of the 2nd wave in the estimated 5th (in the 3rd). If so, after this 2nd (in the 5th) is completed the pair might start another stage of strengthening, declining to the 79.00 level.