Wave marking analysis:
Having overcome the point 78.90, in the course of yesterday’s trades the USD/JPY pair tested the corrective level of 61.8% (79.20). Therefore, it seem like the announcement Japan’s Finance Minister on yen intervention had the proper effect enabling the pair to form the 5-wave structure on the ascending part of the trend beginning from the low of June 1 (77.65). At the same time the option with resumption of the downside movement from the last day’s high towards the 76.50 level is still relevant.

Targets for the option with the continuation of the downward trend within the wave 5 in C:
77.67 – 161.8% of Fibonacci

Targets for the option with the wave 4 in C or beginning of the new ascending part of the trend:
79.19 – 61.8% of Fibonacci
79.56 – 76.4% of Fibonacci

General conclusions and trading recommendations:
At the moment the new downward part of the trend continues its formation, supposedly within the wave 4 in C. If that proves to be so, then the wave C has a quite complicated wave structure that can be complicated even more. In general in coming days the pair is likely to reach 79.19 and 79.56 which is equal to 61.8% и 76.4% of Fibonacci.
The situation with this pair is rather controversial than clear and requires clarifications. Having left yesterday the descending channel, the pair may continue the descending movement on the smaller level within the wave 5.