I decided to update my USDJPY long term-labelling as we now have more clarity of the movements ahead.
We are running a multi-year correction to an impulse which ended in October 2011. We now need to see some kind of an correction, which should be long enough (~10 years or more) before the downtrend resumes).
So far we seem to have completed A, and now tracing B wave of the correction, and I guess the targets for its completion should be in the upper 90s area, to be reached in Aug-Oct this year. After that I would expect another impulse up, in order to complete the C wave.
Short term (3 months ahead): good idea to short USDJPY . Longer term - good opportunities for a long, but need to watch for more subdivisions (B waves may not be as simple as they initially look).