I have 2 possible wave counts at the moment for the daily structure in USDJPY. Either way I like to see a last minor leg higher to test 106 before we will see either a significant retrace or reversal for a new low.
Alternative wave count:

This wave count suggest that we should see an new bullish impulse that eventually will take out 126.
The other scenario is that we will see a new low for wave 5 shown on the original chart.
Short term however the 1 hour time frame will be leading for me:

The sideways move which is in progress looks very corrective and therefore suggest another leg higher.
I will be looking for a bullish continuation. Once that is in place I will be looking for a potential short trade where divergence on lower time frames will give us the first clue.
Updates will follow
timstuyts.com
facebook.com/timstuyts
youtube.com/watch?v=HvmWTm4fcl8
Alternative wave count:
This wave count suggest that we should see an new bullish impulse that eventually will take out 126.
The other scenario is that we will see a new low for wave 5 shown on the original chart.
Short term however the 1 hour time frame will be leading for me:
The sideways move which is in progress looks very corrective and therefore suggest another leg higher.
I will be looking for a bullish continuation. Once that is in place I will be looking for a potential short trade where divergence on lower time frames will give us the first clue.
Updates will follow
timstuyts.com
facebook.com/timstuyts
youtube.com/watch?v=HvmWTm4fcl8
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