The USD/JPY bullish breakout could be aiming for the 78.6% Fibonacci retracement level of wave X (pink) near 112.50. The 78.6% Fib is a key decision zone for a bearish bounce or bullish breakout.
The USD/JPY bearish bounce at the 78.6% Fibonacci retracement level could confirm the wave X (pink) pattern whereas a bullish breakout could indicate a potential change of patterns, especially if price manages to break above the 100% Fib.
The USD/JPY seems to have completed a wave 4 (green) retracement at the Fibonacci levels. Price bounced at the 38.2% Fibonacci retracement level and the bullish bounce could indicate a wave 5 (green) pattern.