The USD/JPY failed to break below the support trend line (blue) and made a bullish bounce instead. The bullish price action is approaching the Fibonacci levels of wave B vs A (pink), which could be a reversal spot.
The USD/JPY bullish break above the 100% Fibonacci retracement level would invalidate the bearish ABC (pink) wave pattern whereas a bearish break below the support trend line (blue) makes the current wave pattern more likely.
The USD/JPY is in a triangle chart pattern at the moment. A break above the resistance trend line could change the perspective but a bearish bounce could see price move lower towards the Fib levels of wave E vs D.
The USD/JPY is expected to make a bullish breakout towards the upside once the triangle chart pattern is completed.