Main scenario: consider long positions from corrections above the level of 151.45 with a target of 157.00 – 160.00.
Alternative scenario: breakout and consolidation below the level of 151.45 will allow the pair to continue declining to the levels of 150.05 – 148.46.
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 is unfolding on the H1 time frame, with local corrective wave (ii) of iii formed and wave (iii) of iii developing inside. If the presumption is correct, the USDJPY pair will continue to rise to the levels of 157.00 – 160.00. The level of 151.45 is critical in this scenario as a breakout will make the price continue falling to the levels of 150.05 – 148.46.
Price chart of USDJPY in real time mode
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