Growth is possible.

On the daily chart, the correctional fourth wave 4 and the wave (C) of 4 ended, the wave (C) of 4 formed, and the upward fifth wave 5 develops. On the four-hour chart, the third wave of the lowest level 3 of (1) of 5 is developing, within which the wave i of 3 and the correctional wave ii of 3 are developing. If the assumption is correct, the USD/JPY pir will reach the area of 154.00–158.82. In this scenario, the critical stop loss level is 145.48.

The USD/JPY pair quotes are correcting in a downtrend in the area of 146.40 amid unstable dynamics of the US dollar, while the yen is unable to recover its positions in the absence of key macroeconomic publications and in anticipation of further steps by financial authorities to adjust the cost of borrowing.

During the Asian session, the USD/JPY pair is trading at 147.44, preparing to continue moving towards 146.33. The yen is supported by investor expectations for the publication of Japan’s Q2 gross domestic product (GDP) on Friday at 01:50 (GMT+2), which may accelerate from 0.0% to 0.1% QoQ and from –0.2% to 0.4% YoY.

The USD/JPY pair is trading within a medium-term upward trend, but throughout the current week, quotes have been testing 147.60 (Fibonacci retracement 38.2%), but have not been able to overcome it. The price is currently making another attempt to break through this level as the yen came under pressure amid weak June household spending data.