The a-b-c downtrend of the USDJPY (now at 107.52) should end in the area 106.80-106.62. It should be followed by a retracement up to the area 108.53-108.86 where the downtrend should resume once more.
First down to: 106.80-106.62
Then up to:
maybe: 109.11 - 109.13
The pattern in the making after Oct 1, 2014 is a big a-b-c retracement following a 9-waves-uptrend started on Oct 31, 2011 (see monthly chart and weekly chart).
If this is correct, the whole correction process might take up to 12 months to get the USDJPY down to 0.9830 area. That low should mark the end of wave 2 of a very major degree (see monthly chart).
Monthly chart - click to enlarge
Weekly chart - click to enlarge
4-hour chart - click to enlarge
Wave oscillator on a 4-hour chart - click to enlarge