The USD/JPY is building a triangle chart pattern which is indicated by the support (blue) and resistance (red) trend lines. The wave patterns suggest that a bearish breakout is most likely as part of a WXY (pink) correction within wave E (purple) of wave B (red).
A bearish breakout below the support trend line could confirm the expected wave Y (pink) whereas a bullish breakout above the resistance trend lines could indicate a larger wave X (pink).
The USD/JPY seems to be building a bearish ABC (purple) correction within wave Y (pink). The wave B (purple) could be a bear flag chart pattern.
