USD/JPY - Could turn up big time after a push lower

As long this pair stays above 99.98 I believe that wave 2 of a larger degree wave 3 has started and that 98.78 was a major low and the end of wave 2 (125.85 to 98.78).

I'm not yet convinced that a low is in place though and would like to see it bottoming out or I will wait for an impulsive move up before taking the trade. However, risk/reward looks great and a nice long term trade so stay tuned.

Big picture:
http://elliottwavestructures.blogspot.be/2016/07/usdjpy-long-term-picture-expanded-flat.html