The triangle that has formed since the 4/23 low at 118.22 clears up the picture a bit. Since the trend just before the triangle was up (117.60-119.03), we are looking for a thrust higher from the triangle.
The very top of the triangle is at 119.03 and rallying through there satisfies minimum expectations although resistance lies at the 78.6% of 119.84-117.60 at 119.36. A thrust higher from the triangle and reversal is a possibility if price remains below 119.84. The near term bullish structure is intact as long as the USDJPY holds above 118.22.