Main scenario: consider short positions from corrections below the level of 139.42 with a target of 127.21 – 123.53.
Alternative scenario: breakout and consolidation above the level of 139.42 will allow the pair to continue rising to the levels of 142.36 – 145.00.
Analysis: the third wave of larger degree (3) is developing on the daily chart, with wave 3 of (3) formed as its part. Supposedly, a descending correction is forming as the fourth wave 4 of (3) on the H4 chart. Apparently, a wave of smaller degree а of 4 is completed on the H1 chart, and a local correction is developing as wave b of 4. If the presumption is correct, the pair will continue to fall to the levels of 127.21 – 123.53 after the correction. The level of 139.42 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 142.36 – 145.00.
Price chart of USDJPY in real time mode
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