The price is in a correction and may grow.

On the daily chart, the third wave of the higher level (3) ended, a downward correction formed as the fourth wave (4), and the fifth wave (5) develops, within which the wave 1 of (5) forms. Now, the third wave of the lower level iii of 1 is developing, within which the wave (iii) of iii has ended, and a local correction is forming as the wave (iv) of iii. If the assumption is correct, the USD/JPY pair will grow to the area of 146.77–150.00. In this scenario, critical stop loss level is 141.11.

Main scenario

Long positions will become relevant above the level of 141.11 with the targets at 146.77–150.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 141.11 will let the asset go down to the area of 138.40–133.67.