FX.co ★ USD/JPY wave analysis for April 15, 2011

Yesterday the USD/JPY currency pair continued to decline and tested the correction level 50.0% during the European session. At the same time, all downside movement initiated April 6 obtained the characteristics of a five-wave structure. Therefore, we might assume that inner wave structure of the 4th wave will become more complex and prolonged. Simultaneously, we should not eliminate the option supposing the resumption of downside movement of the pair in the direction of the levels located below the 77 figure level.