I believe 107.63 was a wave<3> low, and it is now doing a wave<4> correction which can come in a variety of wave counts and patterns.
Currently, my preferred count is this wave<4> comes in the form of waves, of which 109.70 was wave and a sharp fall to 107.80 was wave. Now it should be doing wave which consists of waves-a-b-c as shown. Wave-a was about 165pips. Depending on where wave-b ends (so far the low of wave-b has been 108.78), wave-c could be around the 110.50 level.
If that rally comes, then USDJPY would have completed wave of wave<4>. From there, it could quickly reverse and fall quickly on wave<5> of wave(5).