Growth is possible.

On the daily chart, the third wave of the higher level (3) formed, a downward correction ended as the fourth wave (4), and the fifth wave (5) develops, within which the wave 3 of (5) forms. Now, a correction has formed as the fourth wave of the lower level iv of 3, and the fifth wave v of 3 is developing, within which the wave (iii) of v is forming. If the assumption is correct, the USD/JPY pair will grow to the area of 165.00–170.00. In this scenario, critical stop loss level is 154.35.

Main scenario

Long positions will become relevant above the level of 154.35 with the targets at 165.00–170.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 154.35 will let the asset go down to the area of 150.60–146.41.