Main scenario: consider long positions from corrections above the level of 133.78 with a target of 146.00 – 151.90.
Alternative scenario: breakout and consolidation below the level of 133.78 will allow the pair to continue declining to the levels of 127.38 – 121.66.
Analysis: an ascending third wave of larger degree (3) is formed on the daily chart, and a descending correction is presumably completed as the fourth wave (4). On the H4 chart, the fifth wave (5) has presumably started forming, with wave 3 of (5) developing inside. Apparently, the third wave of smaller degree (iii) of iii of 3 is developing on the H1 chart. If this assumption is correct, the pair will continue to rise to 146.00 – 151.90. The level of 133.78 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 127.38 – 121.66.
Price chart of USDJPY in real time mode
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