The current USDJPY structure hints at a cycle degree bullish zigzag y consisting of primary waves Ⓐ-Ⓑ-Ⓒ.
Sub-waves Ⓐ and Ⓑ are fully completed, wave Ⓒ , however, is still under development. Wave Ⓒ consists of intermediate waves (1)-(2)-(3)-(4)-(5).
With impulse waves (1)-(2)-(3) and (4) having ended, wave (5) could conclude the impulse move soon.
Another possible target is near the 110.21 area. This 5th wave ending structure suggests that the primary wave Ⓒ could end up forming a diagonal pattern.
The ending diagonal usually indicates the end of a trend. When considering the current ratios, prices could move higher close to the trendline/price intersection.