The USD/JPY is challenging the Fibonacci levels of a potential wave 4 correction (blue).A break above the shallow Fib levels such as the 38.2-50% Fibs makes such a wave 4 unlikely and that would change the wave perspective to bullish. A break below support (blue) could indicate a bearish continuation with a new bearish wave 5.
The USD/JPY respected the 107.50 round resistance level and 161.8% Fibonacci target of wave C (brown). One more push higher could take price to the 50% Fib whereas a bearish break below the support trend lines could indicate a trend continuation.
