The USDJPY decline from 108.57 could be the beginning of larger wave 3 since the advance from 95.72 is in 3 waves.
If the count above is correct, then wave C is nearly 61.8% of wave A, a common relationship. A clean break of the support line shown above would inspire confidence in the bearish case. A short bias is warranted against 107.75.
STRATEGY: Bearish, against 107.75, target TBD