Main scenario: consider long positions from corrections above the level of 102.58 with a target of 105.31 – 106.17.
Alternative scenario: breakout and consolidation below the level of 102.58 will allow the pair to continue declining to the levels of 101.74 – 100.00.
Analysis: Daily time frame: presumably, a correction of larger degree is completed in the form of wave (B). Wave (С) has started to form, with the third wave 3 of (C) developing inside. On the H4 time frame, the third wave of smaller degree iii of 3 finished forming, and an ascending correction is developing as the fourth wave iv of 3. On H1 time frame, apparently, wave (а) of iv has formed and wave (b) of iv is nearing completion. If the presumption is correct, the pair will continue to rise to the levels of 105.31 – 106.17. The level of 102.58 is critical in this scenario, as the breakout will enable the pair to continue declining to the levels of 101.74 – 100.00.
Price chart of USDJPY in real time mode
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