Commentary: It looks like the USDJPY may be in a small triangle (wave iv of Y) that will give lead to a terminal thrust above 121.88 before the reversal. Coming under the confluence of the trendline drawn off of the 4/19 and 5/11 lows / 5/25 low at 120.85 would signal a reversal.
In this case, we would be bearish against the swing high (currently 121.88). The entire rally from 115.14 may be a double zigzag correction. Our working assumption is that the USDJPY will thrust higher (above 121.88) following more consolidation between 121.29 and 121.75 before a reversal. This remains the outlook unless the trendline is broken. Strategy: Bearish on a break below mentioned trendline (in bold)