Although the market continues to move higher, the USDJPY chart is showing some signs of fatigue in the upward momentum.
The analysis of the wave structure indicates the development of an incomplete downward impulse. Currently, a corrective wave [iv] has been formed, which is followed with the development of a downward wave [v].
In the context of the lower-degree wave structure, the formation of the ABC zigzag is clearly seen. Once the wave (c) is fully formed, a resumption of the trend movement may be observed.
Thus, an upward movement continues to form on the USDJPY chart, but this impulse is at the final stage of formation so the price may resume a downward movement.
In this case, the emphasis is on short positions that can be considered at current levels.
Alternative scenario
Long positions should be looked for after the breakout of the top of the current wave.