The USD/JPY could be building a larger uptrend within wave 3 (light purple) but the main confirmation occurs if price is able to break above the channel resistance (red line). A break below the support trend line (blue) and 61.8% Fibonacci level of wave 4 vs 3 invalidates the current wave outlook and makes a deeper bearish retracement more likely.
The USD/JPY seems to have completed an ABC correction (purple), which could complete the wave 4 (pink). Waves 4 however tend to be lengthy and price could build a larger triangle chart pattern if the previous top (orange line) is not broken. The potential break above the resistance trend line (red) is either an immediate trend continuation (green arrows) or could start a larger triangle correction (orange arrows). The Fibonacci levels of wave 4 vs 3 remain potential support levels too.