The USDJPY price action is bullish above 118.22. The 5 wave rally from 117.60 to 118.98 indicates that the larger trend is up and is most likely the first wave in a new 5 wave rally. The sharp correction to 118.22 is wave 2, and a rally above 118.98 would confirm that wave 3 up is underway.
Measured objectives for wave 3 are at 119.60 and 120.45 (100% and 161.8% extensions of 117.60-118.98 / 118.22). Again, 118.22 needs to hold as support in order for the most bullish count to remain at the forefront.