USDJPY - Longer term expect higher prices

We should be making wave C higher now, which is composed by an impulsive wave.

But, where did wave 1 end ?

If blue count is right, then we might be in an extended wave 3.

Else, the red count is probable. In that case, wave 2 might not have retraced enough, therefore we might still be in a correction, price now making wave B of a zigzag.
But it has to turn soon for that, as we are reaching the 0.786 retracement level (= last line of defense).

** If it holds, you can short down to the end of wave A at first then lower.
Stop loss : wave 1 high.

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Update

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Wave 1 is longer than wave 3, therefore wave 5 can not be longer than wave 3,
giving a clear stop @ 112.72

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The alternative ABCDE count seems plausible, this means price might come one more time lower to 110 before starting to rally from there

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Will be making a new post with this alternative count.