Main scenario: consider long positions from corrections above the level of 112.30 with a target of 115.00 – 116.00.
Alternative scenario: breakout and consolidation below the level of 112.30 will allow the pair to continue declining to the levels of 110.83 – 109.012.
Analysis: Daily TM: apparently, a descending correction of larger degree finished forming as wave B, and wave С started developing, with the first wave (1) of С forming inside. The third wave of smaller degree 3 of (1) continues developing on the H4 chart, with wave i of 3 formed, a correction completed as wave ii of 3, and wave iii of 3 forming inside. Apparently, wave (iii) of iii is developing on the H1 chart. If this assumption is correct, the pair will continue to rise to 115.00 – 116.00. The level of 112.30 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 110.83 – 109.012.
Price chart of USDJPY in real time mode
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