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

In general, as expected, the USD/JPY pair resumed slow decline in the direction of the previously reached low 81.20. Given this, we can suppose that the price is forming the 5th wave in the range of the whole downtrend section developed since April 7. If so, the target level for this estimated 5th will probably be the 80.65 level.