the USD/JPY is showing strong bearish momentum. This could be a wave A (pink) swing after completing a wave D (light purple) of a weekly triangle pattern.
The USD/JPY seems ready for a bullish rebound. A break below the 107 support would invalidate (red x) the rebound. A break above the resistance trend line (red) confirms the push up. The main resistance levels are the 50-61.8% Fibs of wave B vs A. A break above the top also invalidates (red x) the expected ABC (pink) pattern.
The USD/JPY seems to be building a bullish ABC (purple) zigzag pattern within the wave B (pink). In the wave B (purple), price action could be setting up an ABCDE (blue) triangle pattern. If that is true, then a wave D and E (blue) remain before price breaks north towards the Fibonacci levels of wave B vs A.