Main scenario: consider long positions from corrections above the level of 141.35 with a target of 147.00 – 149.99.
Alternative scenario: breakout and consolidation below the level of 141.35 will allow the pair to continue declining to the levels of 140.25 – 139.10.
Analysis: the upward third wave of larger degree (3) continues developing on the daily chart, with wave 3 of (3) formed as its part. A descending correction has finished developing as the fourth wave 4 of (3) on the H4 chart, and the fifth wave 5 of (3) is unfolding. Apparently, the third wave of smaller degree iii of 5 is developing on the H1 chart, with a local correction (iv) of iii presumably nearing completion inside. If the presumption is correct, the pair will continue to rise to the levels of 147.00 – 149.99 once the correction is over. The level of 141.35 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 140.25 – 139.10.
Price chart of USDJPY in real time mode
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