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

During yesterday’s trading the USD/JPY currency pair was trading in a narrow price range, which nevertheless allowed it to indicate the completion of the 4th wave in the estimated 5th, of the whole downtrend section developed since April 6. At the same time, later in the day the yen made an attempt to resume downside movement in the direction of the probable target level located near the 82.15 level. If so, we cannot eliminate the chance of further beginning of a continuous return of the price to the levels of the 84 figure.