the USD/JPY broke above the 109-round level which made the previous wave structure unlikely. Price could instead be building a triangle pattern on the higher time frames and there is a chance that price is now building a wave D (purple) of that triangle.
The 38.2% Fib is around 110 and could be the first resistance level where price might make a bearish retracement.
The USD/JPY is building strong bullish momentum and price could continue towards the -61.8% Fibonacci target via a wave 3 (blue). One more higher high is possible if price builds a sideways corrective pattern.