Analysis of wave counting:

The fall of the USD/JPY pair to the level of 113.00 at the beginning of last week led to the turn and the subsequent return of the price above the level of 114.40. Thus, it seems that the currency pair still remained in the stage of formation of the first generating waves in the construction of the future wave c, in (C). If this is the case, then, despite the remaining potential for the development of a more complex and extensive downward correction, the currency pair can resume the rise of quotations in the direction of the levels of the 115th or 116th figure.

Targets for a downward wave option:

112.00 - 110.00

Targets for an upward wave option:

113.98 - 23.6% by Fibonacci

115.43 - 61.8% by Fibonacci

General conclusions and trading recommendations:

The USD/JPY pair continues to build the upward wave (C). Thus, the increase in quotations can continue within the wave c, in the future (C) with targets located near the estimated marks of 113.98 and 115.43, which corresponds to 23.6% and 61.8% of Fibonacci. The assumed wave b took a rather shortened form and was supposedly completed.