Anyway... let's see tomorrow for the new pic. The announcement is coming. I mean, they can't keep teasing us with these pictures for weeks. When are Famitsu leaks again ?
We will get at least 2 teaser pics before the revelation.
The Kanjii
"全ては!" ("all"/"everything") used by Team NINJA as comment for the tweet of this second picture, are the first of the three part of Tengu's mantra recited by the character in his little DoA2 cutscene before of his battle; (minute 6:33):
So I think that it's logical to expect that TN will tweet other 2 pictures hinting to this character, each one with the second and third part of Bankotsubo's mantra, in the end completing his sentence "My deceptions rules all of creation!" (of course TN will complete the line using the Japanese language).
I feel like so far the best sounding guess has been that Tengu possessed some girl as a way to get revenge (can't remember who said that/far too lazy to look)
It was me that previously was talking about the possibility of this character being an alternative Ayane. Considering the elements of contact between the girl and the Tengu (just for finding a justification for the plot) I reminded that the girl ended to be controlled by Bankotsubo in DoA Dimensions.
By the way I was far to think that this is a controlled Ayane or any other kind of character. If you think about this idea is already at the basis of Phase-4 (she isn't directly controlled by MIST, but is anyway forced to act according to their orders) so I doubt that TN will use again such concept. This character will be very likely a malicious one (really malicious, not as Marie Rose that appear anyway nice), because this is just the nature of the Tengu according to the Japanese folklore (TN didn't talk continually of the deception theme for nothing). But with this doesn't mean that will be necessarily an evil character.
My hopes are for an hybrid from human and a Tengu (natural or artificial), so a character that even if lacking of a Tengu face, could possess inhuman traits as animal ears or a pair of wings. The latter is very likely if TN plan to give to her/him the same moveset of Bankotsubo (many of his most iconic moves were related to the fly - actually his same walking way).
By the way the DoA2 manual talked as is hyphotized that exist a sort of connection between the ninja and the Tengu ("the people of the mountain") so it's also possible that this character - if not a cloned Ayane - could be an human ninja from a clan where the people learn and teach directly the Tengu-Do. The Tengu mask indeed could be a way to identify such clan with the mythological race, not having of course the possibility to change the natural human traits of the face.