The USD/JPY pair is correcting within a sideways trend around 154.72 amid a slowdown in the growth of the American currency.

The USD/JPY pair shows mixed dynamics, holding near record highs and 154.70. "Bullish" activity remains muted as investors expect new drivers to emerge throughout the week.

The USD/JPY pair rose to 154.38 after the publication of poor inflation data in Japan.

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) started. Now, the third wave of the lower level iii of 3 is developing, within which the wave (i) of iii has formed, a local correction has ended as the wave (ii) of iii, and the wave (iii) of iii is developing. If the assumption is correct, the USD/JPY pair will grow to the area of 157.00–161.50. In this scenario, critical stop loss level is 152.50.