Main scenario: consider short positions of corrections below the level of 131.25 with a target of 124.50 – 122.50.
Alternative scenario: a break and consolidation above the 131.25 level will allow the pair to continue to rise to the 135.00 – 140.00 levels.
Analysis: The third wave of a larger degree (3) continues to unfold on the daily chart, with wave 3 of (3) forming inward. On the H4 chart, the third wave of smaller grade iii of 3 looks finished and a corrective wave iv of 3 began to develop. A wave (а) of iv appears to be developing on the H1 diagram. If the assumption is correct, the pair will continue to fall to the levels of 124.50 – 122.50. The level of 131.25 is critical in this scenario because a break will allow the pair to continue to grow to the levels of 135.00 – 140.00.
USDJPY price chart in real-time mode
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