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Main scenario: consider long positions from corrections above the level of 146.34 with a target of 155.00 – 160.00.
Alternative scenario: breakout and consolidation below the level of 146.34 will allow the pair to continue declining to the levels of 143.29 – 140.17.
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 1 of (5) formed and a downside correction completed as second wave 2 of (5). The third wave 3 of (5) has started forming, with the first wave of smaller degree i of 3 completed as its part. Apparently, a local correction finished developing as the second wave ii of 3 and wave iii of 3 started forming on the H1 chart. If the presumption is correct, the USDJPY pair will continue to rise to the levels of 155.00 – 160.00. The level of 146.34 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 143.29 – 140.17.
Price chart of USDJPY in real time mode
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