There is no change to our USDJPY analysis as the pair has chopped lower and a bearish bias is warranted against 104.68. The potential for a sizeable decline in a 3rd of a 3rd wave within the bear cycle from 105.70 is what keeps us patient.
This count 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. A drop below 102.57 would inspire confidence in the larger bearish bias.