the USD/JPY is testing key support trend lines (blue/green) of the uptrend. A bullish bounce could indicate the continuation of the bullish channel whereas a bearish breakout could lead to a larger correction within wave X (pink).
A break above the resistance and previous top at 110 remains important for the bulls and offers space to 111.50 which is where the 50% Fib is located. The bearish breakout could confirm a larger ABC (blue) correction and price could move towards that Fib targets of wave X (pink).
The USD/JPY is building a triangle consolidation pattern and is challenging the support and resistance trend lines. A breakout below the resistance (red) or support (green) trend line is needed before a larger impulsive price action could be expected.