The USD/JPY break above the resistance trend line (red) could indicate a push up towards the horizontal resistance level (red) at 107, which in turn could be a bouncing spot. The wave 2 (purple) pattern becomes invalid if price is able to break below the key support level at 104.75.
The USD/JPY seems to have completed a bearish ABC (brown) within wave B (orange). A break above the resistance trend line (red) could indicate a bullish breakout towards the Fibonacci levels of wave C vs A.
