Main scenario: consider short positions from corrections below the level of 152.11 with a target of 140.32 – 133.16.
Alternative scenario: breakout and consolidation above the level of 152.11 will allow the pair to continue rising to the levels of 156.00 – 160.00.
Analysis: a bullish third wave of larger degree (3) presumably finished developing on the daily chart, with wave 5 of (3) formed inside. A downside correction started developing as the fourth wave (4) on the H4 chart, with wave А of (4) forming inside. Apparently, the first wave of smaller degree i of A is formed, a local correction developed as the second wave ii of A, and the third wave iii of A is unfolding on the H1 chart. If this assumption is correct, the pair will continue to fall to the levels of 140.32 – 133.16. The level of 152.11 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 156.00 – 160.00.
Price chart of USDJPY in real time mode
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