FX.co ★ USD/JPY wave analysis for August 30, 2011

During yesterday’s trading the USD/JPY currency pair managed to increase and test the level of the 77 figure. Therefore we might suppose that the price has formed the second wave in the future downside 3rd. If this assumption is correct the yen will recover further, which in turn might result in a response by the Bank of Japan, and the 3rd wave might become shortened.