USD/JPY has done successfully with its Fractal Flag breakout exactly on May 19. Initial target is 121.37, but it will be a top of wave 3. We will need wave 4 heading for 120.42 (May 28) and Final wave 5 will be climbing (Fib. 61.8% of wave 3 ) up to 121.77 (Jun. 05/08).
Since 122.02, wave counting is like this: W-ABCDE + X + Y
Therefore it will be plunging one more big wave (down to 118.07) in June.