11.04.201211:22 Forex Analysis & Reviews: USD/JPY Wave Analysis for April 11, 2012

Wave marking analysis:
Yesterday’s breakdown of the USD/JPY pair the Monday’s low. As a result, the wave structure of the whole descending correction that begun in late March became even more complicated. Such dynamic decline is supposedly the part of the inner wave structure of the wave C of this correction. If that proves to be so, then the target for the wave C can be seen at the level 80.65 or testing of the level of figure 80.

Targets for the variant with continuation and further complication of the descending correction:
80.64 – 127.2% according to Fibonacci

Targets for the variant with the resumption of the impulse ascending movement:
82.33 – 50.0% according to Fibonacci
82.74 – 38.2% according to Fibonacci

General conclusions and trading recommendations:
At the moment it is still possible to form the global ascending part of the trend with target seen in the area of the figure 85. Presently we can observe the descent within 4th global uprising trend. The current correction of the wave 4 has downside target 80.97 corresponding to 88.6% of Fibonacci. Every day this correction is getting more and more complicated reducing the chances for resumption of the upward part of the trend. The complication of the wave structure and recent multidirectional movements prevent the pair from effective trade.