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) forms. Now, a local correction has formed as the fourth wave of the lower level iv of 3, and the fifth wave v of 3 is developing. If the assumption is correct, the USD/JPY pair will grow to the area of 161.50–165.00. In this scenario, critical stop loss level is 151.73.

After a correction in late April and early May, the USD/JPY pair is regaining lost ground, trying to overcome 155.90.

The American currency shows mixed trading dynamics in the USD/JPY pair during the Asian session, holding near 155.60 and retreating from the local lows of April 10, updated at the end of last week, when, according to experts, the Bank of Japan used the currency intervention mechanism to support the exchange rate national currency. 

The USD/JPY pair is correcting in a sideways trend at 155.14. The American dollar is developing the “bullish” trend formed at the beginning of the week, and the yen is losing its gained position.

The USD/JPY pair is trading within a long-term uptrend, but this week the price has already sharply adjusted down twice and is now trading around 155.00. Experts believe that this was the result of the intervention of the Japanese government, which sold the dollar to support the exchange rate of the national currency.