the USD/JPY broke above the resistance trend line (dotted red) which could indicate an uptrend correction or a wave B (pink) pullback. The key level to monitor is the 138.2% Fibonacci retracement level at around 109.60. A bullish break invalidates this wave pattern.
The USD/JPY bearish bounce however could indicate a deeper bearish retracement within wave 2 (purple), as long as price stays above the previous bottom (green line).
The USD/JPY has been moving sideways for a while, which could be explained by several ABC corrections (blue). The key levels at the moment are the Fibs of wave B (purple).