Nov. 8th – USDJPY

In this pair we have been waiting for the signal on the 4-9-18 to go short, and it looks like we will get this signal today. But we have two alternative counts on the chart, the preferred one that is expecting another wave up, and the red one that already sees the move up as finished.
As the moves from last week are looking very corrective and have not been able to make any progress. This makes me pause and signals to me that we can expect indeed one more wave up before the sequence is completed. So even with the signal on the 4-9-18, I do not yet have enough confidence in this labeling to call (5) in place and make the red count the preferred one. So for now, I suggest to stay on the sideline until we can confirm either count before turning bearish and look for opportunities to go short. Breaking the key support level on the chart would be a good indication to add confidence in our red count.