the USD/JPY is building a minor and shallow pullback at the previous top. The wave patterns indicate a potential bearish ABC for a strong move higher.
The USD/JPY needs to break above the top (red) before a larger bullish trend continuation can be confirmed (green check). The main targets are the Fibonacci targets of wave C vs A. A break below the 50% Fib invalidates (red x) the expected wave 4 (blue) pattern.
The USD/JPY is building a lengthy correction, which is typical for a wave 4 (blue). But the consolidation zone seems almost over, if indeed the wave C (green) pattern is complete. One last bearish push could send the USD/JPY lower towards the Fibonacci retracement of wave 4 vs 3 if price breaks below the support line (blue). A break above the resistance zone (red), however, could indicate the start of an uptrend.