Although the market continues to move higher, the USDJPY chart is showing some signs of fatigue in the upward momentum.
At a higher time interval, the formation of an incomplete downward impulse is observed. Currently, within this structure, a corrective wave [iv] has been formed. It should be followed with a downward impulse wave [v].
According to a lower-degree wave structure, USDJPY is now moving within the ABC zigzag. In this case, the price is likely completing the formation of the wave (c).
As a result, the formation of a downward movement continues on the chart. However, a wave structure is almost formed and the price may change the direction of movement.
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.