FX.co ★ USD/JPY wave analysis for July 14, 2011

After a strong recovery of the yen, yesterday the USD/JPY pair made attempts to continue downside movement. At the same time, Tuesday’s low at the moment looks like the top of the 3rd wave of the whole downtrend current section. If so, the pair’s price might continue declining within the 5th wave of this trend in the direction of the 78.40 level or even 77.75 at favourable conditions.