USD/JPY is now making a possible triangle Formation to the next move. In case of simple 4-ABCDE consolidation pattern, next move is upward and its target will be at 119.54. On the other hand, in case of 4-B-abcde consolidation pattern, next move is downward and its target will be at 116.76 which is my favorable one.
However it could be wave 3 declining if it is not a triangle consolidation. In that case target of wave 3 will be Fib.161.8% projection of wave 1:115.91.