We are proposing an alternate but first let’s review what we have been favoring.

“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.