The USD/JPY strong bearish momentum is now testing the support trend line (blue), which is a critical decision zone for a key bounce or breakout.
The USD/JPY is probably in a bearish wave 3 (purple) of wave C (pink) when taking into account the strong impulsive price action. A bearish breakout is therefore likely to take price down to the Fibonacci targets either immediately or after a corrective pattern.
The USD/JPY has completed a wave 4 (blue) correction if price is able to break below the support trend line (blue). A bullish bounce could indicate a larger correction within that wave 4 (blue).