On the updated chart of USDJPY, we can see a strong recovery taking place, from around the 108.12 level where a bigger three wave A)-B)-C) pattern was completed. That said current reversal is viewed as wave 1, the first wave of a possible five wave development that may take weeks to follow. A breach above the previous wave 4 at 111.64 level would be a confirmation for higher levels to come.
USDJPY, 4H
