We are in a correction, 3-wave A, 3-wave B and tracing a 5-wave C down right now, target being 1.382 of A = 117.70. This is a , with a magic in B.
So present structural development made me think that the upward movement is not over, and we are going to see the completion of a full 5-wave impulse which started late 2011, which will become wave A of an upward correction following a nearly 40-year long impulse we and our parents could contemplate.
What this means in the short term: there will be a bounce upwards 2-3 days from now. In this movement we will possibly see a new top in the next month or so but it's unlikely to be the start of wave 5 - we need to respect some time proportions in order to keep "the right look" of the impulse and therefor need to allow the correction in w4 to last a bit longer.
The long-term timings of the development of the present structure in JPY are aligned with DXY: jan 2016 - completion of wave 4 and start of wave 5. Nov 2016 - completion of wave 5 and a substantial reversal.
But there's also the Dollar factor: I expect an upswing in usd strength right now, so more weakness in everything else. And even more strength in the Dollar in H1 2016, so w5 for USDJPY up makes sense.
And finally, it's the duration of the whole correction that made me think we are dealing with a full 5-wave impulse, and not just an ABC which started in late 2011. We need a fairly long-lasting correction. 7-8-10 years, something substantial. So an impulse is more likely (although disputable).