The USD/JPY breakout is either still in a wave 3 (purple) or price has completed it at the most recent low. If the wave 3 is completed, then price could be building a bullish pullback within the downtrend as a wave 4 (purple). The Fibonacci retracement levels such as the 23.6%, 38.2% and 50% are then expected to act as resistance levels.
The USD/JPY seems to have completed a wave 5 (blue) of a wave 3 (purple). The downtrend is expected to continue after price bounces at the Fibonacci levels.
