For Bear : misunderstanding!

Bear,

Thank you for your explanation on the subject of assumed risk. Nicely stated.

However, I see you've misunderstood me quite a bit.

I was not looking to enter UsdJpy at the resistance level of 121 or even thereabouts. Such an entry, even one for a long-term play, would be foolhardy as the most probable route is south. Buying a top is the 2nd worst sin in my book.

Even before my post I had a gameplan wherein I would enter on the correction to the area between 108 and 116 -- not @ 121. This is still my plan regardless the longer-term view.

The question was not entry dependent, only directional dependent -- i.e. looong-term is UsdJpy heading to the upper reaches or to the basement. EW thoughts and other types of analysis, all welcome.

Hope this clears things up.