The possibility of growth remains.

On the daily chart, the third wave of the higher level (3) has ended, the downward correction as the fourth wave (4) has ended, and the fifth wave (5) is developing, in which wave 1 of (5) is being formed. At the moment, the third wave of the lower level iii of 1 has formed, a local correction has passed as wave iv of 1, and the construction of wave v of 1 continues, in which the development of a local correction as wave (iv) of v is nearing completion. If the assumption is correct, the upward dynamics of the USD/JPY pair will continue to the area of 146.77–150.00. The level of 138.10 is critical and stop-loss for this scenario.

Main scenario

Long positions are relevant above the level of 138.10 with targets at 146.77–150.00. Implementation time: 7 days and more.

Alternative scenario

Breakdown and consolidation of the price below the level of 138.10 will allow the trading instrument to continue its downward dynamics to the area of 135.63–133.52.