USD/JPY could continue to the upside. In fact, a triangle placed in fourth wave can be in very late stages, so we need to be aware of bullish price action soon. However, there is possibility for a retest of 122.60 before uptrend resumes. But alternate scenario is also valid, which shows a completed wave e). This view will be confirmed when prices will move close to 123.75. In either case we think that USD/JPY will go up.
USD/JPY, 1H