During the morning session, the USD/JPY pair is developing a confident “bullish” trend in the ultra-short term, testing the 159.00 level, with the focus of investors on Japanese macroeconomic statistics.

During the morning session, the USD/JPY pair is heading towards the April high of 160.71 against positive US macroeconomic statistics.

The USD/JPY pair is in a sideways trend around 158.50, slowly approaching the key level of 160.00 amid the strengthening American dollar and comments from Bank of Japan policymakers.

The probability of growth remains.

On the daily timeframe, the fifth wave of the higher-degree wave 5 is currently unfolding, incorporating the development of wave (3) of wave 5. On the 4-hour timeframe, wave 1 of the lower-degree wave (3) has emerged, followed by the completion of the corrective wave 2 of (3), while wave 3 of (3) is now developing. If this scenario proves correct, the USD/JPY pair’s upward trend is expected to continue toward the 165.00–170.00 zone, with a critical stop loss level at 154.96.

This week, the USD/JPY pair rose to 157.81 (Murrey [6/8]) but dropped to the 156.25 area (Murrey [4/8]) yesterday, losing its gains amid currency interventions by the Japanese government.