Main scenario: consider long positions from corrections above the level of 151.80 with a target of 161.50 – 167.00.
Alternative scenario:breakout and consolidation below the level of 151.80 will allow the pair to continue declining to the levels of 146.44 – 140.13
Analysis: an ascending wave of larger degree C continues forming on the daily chart, with fifth wave (5) of C unfolding as its part. The third wave 3 of (5) is unfolding on the H4 time frame, with first wave of smaller degree i of 3 and corrective second wave ii of 3 completed as its parts. Apparently, wave iii of 3 continues developing on the H1 time frame, with a local corrective wave (iv) of iii completed and wave (v) of iii forming as its parts. If the presumption is correct, the USDJPY pair will continue to rise to the levels of 161.50 – 167.00. The level of 151.80 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 146.44 – 140.13.
Price chart of USDJPY in real time mode
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