Growth is possible.

On the daily chart, the third wave of the higher level (3) formed, a downward correction ended as the fourth wave (4), and the fifth wave (5) develops, within which the wave 3 of (5) started. Now, the first wave of the lower level i of 3 is forming, within which a local correction has ended as the wave (iv) of i, and the wave (v) of i is developing. If the assumption is correct, the USD/JPY pair will grow to the area of 155.00–160.00. In this scenario, critical stop loss level is 146.40.

Main scenario

Long positions will become relevant above the level of 146.40 with the targets at 155.00–160.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 146.40 will let the asset go down to the area of 144.30–142.80.