Above you can see the long term picture for USD/JPY. The break to a new low below the 1995 low at 79.70 could end the long term decline in USD/JPY.My favorit count is, that wave 4 turned into a major triangle and depending on, from where one meassure the thrust out of the triangle we could have a major bottom in place with the test of 76.99. It would also match the Apex of the triangle. It very common that the apex also marks the final low.
Zooming in on the long term picture (see the daily chart below). The decline from 94.98 was a nice five wave decline, where wave 4 also became a nice symmetrical triangle, which has fullfil its target. Also notice that the bottom of wave 5 hit the wave 2-4 channel perfectly also pointing towards a possible bottom.
If we have a bottom in place we first of all needs a break above 81.98, which would give us a five wave rally from 76.99. If we see the break above 81.98 I wouldn't be surprised to see only a minor new high to near 82.40, before a correction towards 78 - 79 area sets in.
If however resistance at 81.98 protects the upside for a break below 79.53, that would indicate, that we need more downside at problably a new low below 76.99.
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