The pair growth resumed.
The USD is growing against the Yen again. As the growth resumed, it seems likely that the development of the fifth wave of the senior level within long-term bearish trend continues. At present, a starting impetus in a form of the first wave (i) of the third wave iii of 5 is probably formed. Locally, expect a downward correction towards 50% (122.00), after which the growth continues towards 126.00-127.00. The key level in this scenario is 120.35.
In the short-term, sell the pair below 123.72 with the target at 122.00.
In the medium-term, wait for the correction to end and open long positions above 120.35 with targets at 126.00, 127.00.
The breakdown and consolidation below 120.35 would allow the pair to fall towards 117.00, 115.00.