The USD/JPY pair is showing a fairly noticeable decline, extending the "bearish" momentum formed at the beginning of the week, when the instrument retreated from record highs located just above 160.00. 

The USD/JPY pair is trading within a long-term uptrend, but this week the price has already sharply adjusted down twice and is now trading around 155.00. Experts believe that this was the result of the intervention of the Japanese government, which sold the dollar to support the exchange rate of the national currency.

Quotes of the USD/JPY pair are correcting in a sideways trend around 157.82. The rapid decline of the yen continues, and on Monday the instrument reached a new high of 160.00, after which the rate sharply went up. 

The price is in a correction and may grow.

On the daily chart, the third wave of the higher level (3) formed, a downward correction ended as the fourth wave (4), and the fifth wave (5) develops, within which the wave 3 of (5) started. Now, the third wave of the lower level iii of 3 has formed, and a local correction is developing as the fourth wave iv of 3. If the assumption is correct, the USD/JPY pair will grow to the area of 161.50–165.00. In this scenario, critical stop loss level is 153.33.

After reaching 160.00, the USD/JPY pair fell sharply to 155.50 against possible interventions of the Bank of Japan.