Last week, the USD/JPY pair made attempts to grow, but failed to consolidate above 157.81 (Murrey [5/8]), and is currently trading at 157.95 amid uncertainty regarding the further steps of the Bank of Japan and the US Fed.

The probability of a decline remains.

On the daily chart, the fifth wave of the higher degree 5 is developing, within which the first wave of the lower degree (1) of 5 has completed, and a downward correction as the second wave (2) of 5 is forming. Currently, the first wave A of (2) is developing, within which the third wave of the lower degree iii of A and a correction as the fourth wave iv of A have completed, and the fifth wave v of A has started. If the assumption is correct, the USD/JPY pair will decline to the area of 152.00–149.00. The critical stop-loss level for this scenario is 159.00.