The USD/JPY is still trapped in between strong support (green/blue) and resistance (red/orange). Price could be building a wave 1-2 (purple) pattern but a bullish break is needed. A bearish break below the bottom and 100% Fib invalidates the wave 2 (purple).
The USD/JPY needs to break above resistance (red) before an uptrend continuation is likely.
Origin: Admiral Markets