I know, this is not useful for trading at the moment, but I would be quite cautious to step into shorts.
I painted some levels, that might point to zones. Regarding how USDJPY run through that zones on way up and back down, it looks to me like aggressive buys and, as reaction, sells to save profits.
For long view I think USDJPY might start another move up.
What I like is the geometry of the lines in EW move up and ABC move down. They look quite parallel. This makes the idea more valid to me.