From the 5th of December 2014 this pair did a long consolidation until the 30th on April of 2015. This consolidation was a triangle pattern in wave ((iv)). A Triangle always occur in a position prior to the final movement wave. In this case sequent rise from at 118.4 was a last impulse wave (v) of ((v)) of 5.
Action from 125.7 looks like a impulse wave (i) and extended flat correction (ii). Now USDJPY has been falling in wave (iii) with possible target at 118.5 = wave (i) x 2 and next target at 116.3 = wave (i) x 2.618