The USD/JPY is building a smaller bullish channel in the larger uptrend channel. Recently price made a retracement to the bottom of that channel at 110.50 which could be a potential bouncing spot for a trend continuation towards the next Fibonacci target at 111.80. This could complete a larger WXY (pink) correction within wave D (purple).
The USD/JPY seems to have completed a wave 3 (green) momentum and price could be building a bearish retracement within wave 4 (green). A bullish bounce seems to be taking place at the 50% Fibonacci level and could occur if price stays above the 61.8% Fibonacci level, otherwise a different wave pattern becomes more likely. At this moment though, price is most likely in a wave 4 and it could soon start a bullish wave 5 continuation within wave C (blue) towards the Fibonacci targets.