Although the market continues to move higher, the USDJPY chart is showing some signs of fatigue in the upward momentum.
There is the development of a triple three wave structure on a higher time-frame. Currently, the wave [xx] has been formed. After this the price should resume its downward movement.
At a lower-degree wave structure, the formation of a triple three is noted. Now the price is in the wave (z), which completes this formation. This wave is expected to end in the near future. After that the current price trend may change.
Despite the positive dynamics of the market movement, the possibility of resuming the downward movement after the completion of the current wave shouldn’t be excluded.
In this situation, it should be emphasized that short positions remain preferable.
Alternative scenario
Long positions should be looked for after the breakout of the top of the current wave.