USD/JPY is now on short-term downward Blue Y wave (TP 1:120.01, TP 2: 119.62 (1.272 extension)). Since 118.05, Alt.W wave finished at 121.49 and now finalizing wave Blue Y which will have sub-3 waves (maximum up to 120.80 as Y-b).
Final target of Alt. Y will be 119.62 + (121.49-118.05)=123.06
After 123.06, USD/JPY will plunge into one more lower (lower than 118.05) area.