FX.co ★ USD/JPY wave analysis for July 20, 2011

Yesterday’s attempt of the USD/JPY to break out of the horizontal corridor probably denoted the beginning of с wave formation in the 2nd correction wave (or b). If so, before the resumption of downside movement the pair might test the correction level 38.2% corresponding with the 79.65 level or 50.0% (80 figure level).