The USD/JPY could be completing a larger bearish wave 2 (purple) pattern, which would indicate that a large bearish corrective price swing has ended and a new bullish swing could be starting. Although price is showing the first signs of a new bullish swing after breaking a local resistance trend line (dotted red), price still needs to break above the larger resistance trend line (red solid) of the downtrend channel. If price does push lower, then the 78.6% Fibonacci level of wave 2 vs 1 at 106.34 is expected to act as a support zone.