The USD/JPY is building a bearish ABC zigzag pattern (red) as part of a larger wave E, which is indicating a triangle on the daily chart. Price seems to be ready for a bullish breakout within wave B (red).
A break above the resistance trend line (red) would confirm the development of a wave B (red) and we are expecting price to bounce and turn at the Fibonacci resistance levels without breaking above the 100% Fibonacci level of wave B vs A.
The USD/JPY seems to be have completed 5 bearish waves (orange) within wave A (red) and price could now be building a bullish ABC (orange) correction within wave B (red). A break below the bottom of wave A (red) invalidates the wave B (orange) and could indicate more downside.