A fall is possible.

On the daily chart, the third wave of the higher level 3 ended, and a correction develops as the fourth wave 4. Now, the wave (A) of 4 is forming, within which the first wave of the lower level 1 of (А) has ended, a correction has formed as the second wave 2 of (A), and the third wave 3 of (A) has started. If the assumption is correct, the USD/JPY pair will fall to the area of 131.42–124.30. In this scenario, critical stop loss level is 156.00.

Main scenario

Short positions will become relevant below the level of 156.00 with the targets at 131.42–124.30. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 156.00 will let the asset grow to the area of 162.00–170.00.