USD/JPY Assessment

On the smaller time frames USD/JPY looks like it is renewing its move to the downside.
The picture on the longer time frames is clearer. On the weekly time frame there is a clear consolidation between the support and resistance trend lines in blue.

On the monthly time frame the picture is even more telling:

One can clearly see that the wide consolidation that is developing at the middle line of the Bollinger Bands indicator, which is essentially a MA20. I have mentioned more than once that line tends to draw the price like a magnet.

I think it is possible for the pair to fall to the support trend line (in blue) but it is also possible to start rallying from the current level.

For me, however, the priority scenario for the moment is this:

At the end of the currently developing wide consolidation there should be a rally of the pair toward 122.00 and above and a development of Wave C of the currently developing A-B-C correction (in red).