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 third wave of the lower level iii of 3 is developing, within which the wave (i) of iii has formed, a local correction has ended as the wave (ii) of iii, and the wave (iii) of iii is developing. If the assumption is correct, the USD/JPY pair will grow to the area of 157.00–161.50. In this scenario, critical stop loss level is 152.50.

Main scenario

Long positions will become relevant above the level of 152.50 with the targets at 157.00–161.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 152.50 will let the asset go down to the area of 150.75–148.27.