the USD/JPY made a massive bullish breakout. The impulsive price action is typical for a wave 3 (green). More bullish swings are likely to follow.
The USD/JPY has strongly moved away from the 21 ema zone as our previous wave analysis expected. Price will probably bounce at the support (green check) for a move higher. The main targets levels are the Fibonacci levels of wave C vs A (pink) and the wave D (purple). Only a deep retracement would invalidate (red x) the bullish outlook.
The USD/JPY has moved up in 5 strong waves (green). This seems to complete a wave 3 (green) pattern. Now price could build a shallow pullback for a wave 4 (green). A breakout or bounce could confirm (green check) the uptrend continuation towards the Fib targets. A break below the 50% Fib invalidates (red x) the wave 4.