USDJPY medium-term formation hints to a 5-wave impulse pattern consisting of primary sub-waves ①-②-③-④-⑤. Primary wave ④ is fully completed at the time of writing and intermediate (4) also looks pretty much done.
The current structure suggests that we are now seeing the formation of a minor impulse wave 3 that has not yet been fully completed.
We could see the pair appreciate to complete this minor impulse wave near 109.57. At that level, the intermediate wave (5) will reach a level above the 61.80% Fibonacci retracement of the 112.44-104.92 move.