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Main scenario: consider long positions from corrections above the level of 146.82 with a target of 152.00 – 154.00.
Alternative scenario: breakout and consolidation below the level of 146.82 will allow the pair to continue declining to the levels of 140.32 – 137.14.
Analysis: the upward third wave of larger degree (3) continues developing on the daily chart, with waves 3 of (3) and 4 of (3) formed as its part. The fifth wave 5 of (3) is developing on the H4 chart, with wave v of 5 forming inside. On the H1 chart, apparently, the first wave of smaller degree (i) of v is formed, a local correction developed as the second wave (ii) of v, and the third wave (iii) of v continues developing. If the presumption is correct, the pair will continue to rise to the levels of 152.00 – 154.00. The level of 146.82 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 140.32 – 137.14.
Price chart of USDJPY in real time mode
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