USD/JPY has been in a major uptrend since late 2011. The first impulsive wave move from the 75.66 low in October 2011 to a high of 125.86 in June 2012. Everything since then has been part of a major triangle correction in wave (B). We need a break above 112.23 to confirm that the triangle has completed and wave (C) now is in motion for a rally above the wave (A) high at 125.86. The long-term target upon a break above 112.23 is seen near 147.67.
A break above 112.23 is essential to confirm the completion of wave (B) and the onset of wave (C) higher.