The yen is losing ground amid the publication of negative economic data, and the USD/JPY pair is approaching a strong resistance level of 156.60.

During the Asian session, the USD/JPY pair is developing upward momentum in the ultra-short term, returning to the highs of May 1, and is trading at 156.44.

The USD/JPY pair is showing flat dynamics, holding near 155.70. The "bulls" are trying to develop the corrective imperus formed at the end of last week, when the instrument managed to retreat from the local lows of May 6.

This week, the USD/JPY pair had ambiguous dynamics: quotes fell to the area of 153.60, but by now they have regained most of the lost positions.

Growth is possible.

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) forms. Now, a local correction has formed as the fourth wave of the lower level iv of 3, and the fifth wave v of 3 is developing. 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 151.73.