The USD/JPY seems to have completed a bearish zigzag pattern which could be the wave D (purple) of a contracting triangle chart pattern. This leaves one final wave E before a downtrend is expected to continue.
The USD/JPY could now be moving up higher as part of a wave E (purple) of a wave B (pink), which is part of a larger bearish ABC zigzag pattern (pink). Any of the Fibonacci retracement levels could be bouncing spots for a reversal but a break above the 100% Fibonacci level invalidates the bearish structure.
The USD/JPY has completed a bearish ABC (green) within wave D (purple) and is now expecting a bullish ABC zigzag pattern within wave E (purple). The Fibonacci retracement levels are key resistance.