The last two days I came across some recommendations about going short on USDJPY - and it is still rising. True is, that in the daily chart it has typical correction charachteristics. An overnight analysis resulted in quite stable instantaneous velocity of the 1h-cycles for the last 5-9 days. Today morning 6:00 (UTC) I rated the probabilities with 39% Long, 41% sideways swing with a slight tendency to short and 20% short. Now, 10 hours later the up-cycles seem to proove its support. If the drop happens, it might be between overnight and next tuesday 2016-08-02 (STOP at 106.000). The offset of the 1h main cycle and its deviation is highest between 07-29 and 08-02, which would be a perfect pattern for a fast decline. In my opinion there is still serious probability for a new high > 106.000. If it not happens by the end of the week a new analysis update is on my agenda. I would not bet. Good luck.