The USD/JPY pair resumed growth this week amid an increasing probability of a new tightening of the US Fed’s monetary policy soon.

The price is in correction and could decline.

On the daily chart, the fifth wave of the higher level 5 is developing, as part of which the first wave of the lower level (1) of 5 has ended and, a downwards correction is forming as the second wave (2) of 5. Now, the first wave A of (2) has formed and the second wave B of (2) is completing. If the assumption is correct, after its completion, the USD/JPY pair will decline towards 152.00–149.00. The critical stop loss level for this scenario is 159.73.

The USD/JPY pair is correcting in an upward trend against the positive dynamics of the American currency, trading around 159.29, having held below the key mid-year level of 160.00 for a long time.