With each day that the USDJPY fails to break, the alternate becomes more attractive.
Still, the potential for a sizeable decline in a 3rd of a 3rd wave exists as long as price is below 104.68. The alternate treats the consolidation since 105.70 as an X wave (probably a triangle), which will lead to a new high in wave Z before the larger decline resumes. A drop below 102.57 would inspire confidence the larger bearish bias.
STRATEGY: Bearish, against 104.68, target TBD
