At the beginning of last month, within a long-term ascending channel, the USD/JPY pair, against foreign exchange interventions by the Japanese government, tested its lower border around 156.25 (Murrey [0/8]), but failed to consolidate below it, resuming growth.

During the morning session, the USD/JPY pair is consolidating around the highs renewed at the beginning of the week, near 161.55. The “bullish” activity for the dollar remains moderate, while investors await new drivers for movement.

The probability of growth remains.

On the daily chart, a fifth wave of senior degree 5 is unfolding, encompassing the development of wave (3) of 5, while on the four-hour timeframe the third wave of junior degree 3 of (3) is forming. Wave i of 3 has already emerged, and the corrective phase has concluded as wave ii of 3; currently, wave iii of 3 is in progress. If this scenario proves correct, the USD/JPY pair’s upward trend is expected to continue toward the 163.00–165.00 zone, with a critical stop loss level at 160.10.

During the morning session, the USD/JPY pair is trading in a sideways trend at 160.28 against the negative dynamics of the American currency.