On the 5 year US notes we can count five waves up from the lows so sooner or later larger downward pullback will occur in three legs. This means that US yield will should be moving to the upside which is supportive for the USDJPY.
5 Year US notes 4h
On USDJPY we can see a nice clean five waves up followed by a recent bearish reversal from around 98.70 where wave (i) appears complete so pullback is most likely a corrective wave (ii). This wave (ii) should be made by three legs, so we expect more downside or sideways price action in the next 24 to 48 trading hours. But after that pullback we will be looking for long entries, ideally from around 97.80-98.00 support zone.
USDJPY 1h
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