Main scenario: consider long positions from corrections above the level of 148.05 with a target of 152.50 – 155.00.
Alternative scenario: breakout and consolidation below the level of 148.05 will allow the pair to continue declining to the levels of 144.36 – 142.18.
Analysis: an ascending wave of larger degree C continues forming on the daily chart, with the fifth wave (5) of C unfolding as its part. On the H4 chart, there’s wave 3 of (5) forming, with wave v of 3 developing as its part. The fifth wave of smaller degree (v) of v of 3 appears to continue developing on the H1 chart, with wave iii of (v) completed and a local correction iv of (v) formed as wave iv of (v). If the presumption is correct, the pair will continue to rise in wave v of (v) to the levels of 152.50 – 155.00. The level of 148.05 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 144.36 – 142.18.
Price chart of USDJPY in real time mode
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