the USD/JPY is building a deep retracement within potential wave 2 (purple). The Fibonacci retracement levels of wave 2 vs 1 are support levels.
The USD/JPY could confirm (green checks) the bullish reversal if price action is able to break above the resistance trend lines (red) or bounce at the support Fibs. A bullish swing could aim for the Fib targets. A break below the 100% Fib, however, invalidates (red x) the bullish wave outlook.
The USD/JPY is building a potential wave 1-2 (blue) as long as price action stays above the bottom of wave 1 (blue) otherwise this small wave pattern becomes invalidated (red x). A bullish bounce or breakout confirm (green checks) the bullish wave outlook.