Main scenario: consider long positions on correction above the level of 140.17 with a target of 150.00 – 152.00.
Alternative scenario: breakout and consolidation below the level of 140.17 will allow the pair to continue declining to the levels of 137.14 – 131.70.
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 downward 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 has been formed on the H1 chart, the development of the local correction as the fourth wave iv of 5 has been completed. Wave v of 5 is developing. If the presumption is correct, the pair will continue to rise to the levels of 150.00 – 152.00. The level of 140.17 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 137.14 – 131.70.
Price chart of USDJPY in real time mode
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