The pair may grow.

On the daily chart, the fifth wave of the higher level (5) of C forms, within which the wave 3 of (5) developed, a correction ended as the wave 4 of (5), and the wave 5 of (5) forms. Now, the first wave of the lower level i of 5 is forming, within which the wave (i) of i is developing, and a local correction has ended as the wave (ii) of i. 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 141.68.

Main scenario

Long positions will become relevant above the level of 141.68 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 141.68 will let the asset go down to the area of 130.00–120.00.