1. Check the current version:
show version
Hostname: Router
Model: mx204
Junos: 18.2R1.9
JUNOS OS Kernel 64-bit [20180614.6c3f819_builder_stable_11]
...
2. go to https://support.juniper.net/support/downloads/ and select MX204, and search for newer version
3. Select “Install Package” -> “VMHOST 64-BIT” -> “tgz”
4. After login you will see a URL. Copy this URL
5. Download the file onto your Juniper MX204, with this command
> file copy “URL YOU COPIED” /var/tmp/image-name.tgz
6. You may validate the image with:
> request vmhost software validate /var/tmp/image-name.tgz
7. Install the software
> request vmhost software add /var/tmp/image-name.tgz
> request vmhost reboot
Source: https://www.juniper.net/documentation/en_US/junos/topics/concept/installation_upgrade.html