USDJPY, little higher then down

13 lug 2016

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

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15 lug 2016

Nota

Comparable to EURJPY and in a bullish extension. I like to see at least a significant retrace and then will determine what's next in terms of the bigger picture. keep in mind that this might extend higher again so wait for continuation before selling (or accept a higher risk)

22 lug 2016

Nota

wave 4 came in the price territory of wave 4 of lesser degree which is a common characteristic. I'm looking for the bearish continuation and only once the third leg lower is in place we can determine what's next in terms of whether we see a new bullish trend or a new low.