The market remains in a downtrend, though wave analysis indicates a potential end to the current trend.
The medium-term movement vector of USDJPY indicates the formation of a Triple Three wave structure. Now the formation of the wave [xx] is completed and the beginning of an upward movement within the wave [z] is expected.
Waves of a lower time-frame form a triple three. The price is currently in the wave (z). When this wave is completed, a more directional price movement is expected.
To summarize, at the moment the USDJPY chart is maintaining a downward movement vector. However, the corrective wave is in the final stage of formation.
In this situation, long positions are prioritized.
Alternative scenario
Short positions will be relevant after the breakout of the current wave start level