The USD/JPY bullish breakout is building a bearish pullback, which seems to be a larger ABC (purple) zigzag pattern. An uptrend continuation is likely if price is able to break above the previous top. In that case one of the targets could be the -27.2% Fibonacci level at 113.25.
The USD/JPY has made a bearish retracement back to the potential Fibonacci retracement levels of wave 4 (blue). A bullish bounce at these Fib levels could confirm the end of a wave 4 pattern and the start of a wave 5 whereas a bearish break below the 61.8% Fib and channel would make such a bull continuation unlikely.
