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USDJPY is showing a nice example of the wave principle in motion, a higher degree impulse. That said we believe more upside may follow from current levels as the price seems to have been recently trading in sub-wave 4-circled. The recent bounce from around the 38.2 Fibonacci ratio indicates the fourth wave correction has completed.

USDJPY, Daily

Regarding the 4h chart. USDJPY is turning bullish after a very deep corrective retracement in wave 4. It was a double zigzag that has bottomed earlier this week. So far there is a nice bounce back to 115.60 bullish level where the breakout will be a new confirmation for higher prices, after that broken channel that occurred already 24 hours back. As such, we believe that wave five will see much higher prices and that 118.65 can be seen again in February.

USDJPY, 4H