Main scenario: consider long positions from corrections above the level of 149.15 with a target of 153.00 – 156.00.
Alternative scenario: breakout and consolidation below the level of 149.15 will allow the pair to continue declining to the levels of 147.14 – 144.36.
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 5 of (5) forming, with wave v of 5 developing as its part. H1 time frame: apparently, the first wave of smaller degree (i) of v of 5 is formed, a local correction is completed as second wave (ii) of v, and the third wave (iii) of v started unfolding. If the presumption is correct, the pair will continue to rise to the levels of 153.00 – 156.00. The level of 149.15 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 147.14 – 144.36.
Price chart of USDJPY in real time mode
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