Main scenario: consider short positions from corrections below the level of 137.77 with a target of 127.35 – 123.53.
Alternative scenario:breakout and consolidation above the level of 137.77 will allow the pair to continue rising to the levels of 139.54 – 142.36.
Analysis: the third wave of larger degree (3) is developing on the daily chart, with wave 3 of (3) formed as its part. A downside correction continues developing as the fourth wave 4 of (3) on the H4 chart, with wave a of 4 formed inside. Apparently, wave b of 4 stopped developing on the H1 chart, and wave (с) of b started unfolding. If the presumption is correct, the pair will resume falling to the levels of 127.35 – 123.53. The level of 137.77 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 139.54 – 142.36.
Price chart of USDJPY in real time mode
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