The USD/JPY could start a large uptrend if indeed the wave 3 (pink) of wave 3 (purple) pattern takes place. For the moment price did bounce at the 78.6% Fibonacci retracement level of wave 2 vs 1. Price could still be a wave 1 (purple) at the moment unless price makes a deeper correction. A key support level to keep an eye on for a bullish reversal is the inverted head and shoulders pattern and level (green boxes).
The USD/JPY could have a wave 5 (orange) of wave 5 (green) remaining before completing a potential wave 1 (blue/purple). A bullish breakout above the bull flag continuation chart pattern could confirm a move up towards the Fibonacci targets of wave 5. A bearish bounce however could indicate a deeper bearish retracement and the end of the wave 1 (blue/purple) at the most recent high.
