We remain bearish as long as the USDJPY is below 105.70 (which has come close to being breached seemingly this entire week).
The potential for a sizeable decline in a 3rd of a 3rd wave within the bear cycle from 105.70 does exist.” The count described remains favored but the alternate treats the consolidation since 105.70 as an X wave (probably will form into a triangle), which will lead to a new high in wave Z before the larger decline resumes.
STRATEGY: Bearish, against 105.70, target TBD