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USDJPY fell sharply during Asian trading hours as Nikkei 225 turned down from 19720 to 19450, but E-mini S&P500 made just a small pullback to 2260 while DAX is also having a corrective look from the latest high. So, we still see the market in risk-on mode, so on FX we may see turn up on USD and fall of JPY and other currencies.

German DAX, 1H

S&P500, 1H

If DAX and S&P500 are going to see higher prices then support on USDJPY may not be far away, but we still may see a dip to 115.00 to complete a five-wave structure in wave C) before wave 4 correction of a higher degree can be finished.

USDJPY, 1H