the USD/JPY remains in a bullish uptrend channel but price is building a bearish retracement at the moment. This currency pair seems to have a confluence of support at around the price zone of 110, which is a round level, multiple Fibs of wave 4, and a horizontal support zone (green box).
A bullish bounce in the support zone could confirm the continuation of the uptrend further north. Price could aim for the top of the uptrend channel and even move up towards 112.50. A bearish breakout, however, below the 61.8% Fibonacci retracement level could indicate more downside and an invalidation of the bullish wave pattern.
The USD/JPY seems to be completing a 5th wave (blue) at the moment of a larger bearish ABC (purple) zigzag pattern. A bullish bounce and candlestick patterns at the Fibonacci retracement levels of wave 4 vs 3 could indicate the end of the wave 4 (pink).