FX.co ★ USD/JPY wave analysis for March 29, 2011

After Friday’s growth of the USD/JPY by a few figures, yesterday’s trading was located in a quite narrow price range near the 81.60 – 81.70 level. As a result, the yen price is still moving in the range of the estimated 2nd wave, in the 5th (in the 3rd), of the whole uptrend section initiated March 11. At the same time, overbought Stochastic allows the resumption of downside movement.