Chart of the day

USDJPY is testing the uptrend extension support 147 level. A bounce here is required for a possible upside extension in the fifth wave. A rejection here and a break below 147 again will leave the downside swing in the fourth wave to test 132 again as a probability, but a lower one.

I see this still as a fifth-wave upside not finished and will be confirmed upon a break above 151.85 to reach the next Hosoda projection target long-term. We need to see a clear confirmed break below 132.80 for the upside fifth wave to be invalidated which at this point seems not a high probability as the support for an upside continuation is strong.

Long trades could be opened here on a price action bounce or upon a break above 151. Short trades should be opened in the case of rejection here and a confirmed break below 147. This is a key resistance level and a break of it or a rejection will determine a future direction.