FX.co ★ USD/JPY Wave Analysis for September 7, 2011

Yesterday the market was highly volatile which provoked rather a dynamic expected though USD/JPY growth to 77.70. In spite of this, the pair still moves within a horizontal range of a current correction. However, yesterday’s maximum probably marked the end of C, B and C waves of a horizontal triangle. If this is the case, the price will recommence a downward movement to a 76.50 level forming a future D wave of the triangle.