The USD/JPY managed to break above the rising wedge chart pattern and 38.2% Fibonacci resistance level at 108. Bullish momentum took price close to the 50% Fib, which is a new bounce or break spot. A new bullish breakout could indicate a potential breakout towards the 61.8% Fib at 110 whereas a bearish bounce could indicate that perhaps the wave 4 (blue) correction is still valid.
The USD/JPY is building a smaller bullish channel on the 1 hour chart. A break below the support trend line (green) could indicate a wave 4 (green) correction and price could use the Fibonacci levels as a potential bounce and support.