USD/JPY under observation (possible short coming)

USD/JPY is currently on my watchlist. Yesterday we have experienced a failed break out over a bigger resistance level (blue line). Now in the 1H timeframe I am expecting a 3-wave (ABC) corrective pullback to this resistance level. Once the pullback is complete there could be a nice shorting opportunity in the red area. Should we see new highs however, the setup of course becomes invalidated.