The U.S. dollar/Japanese yen (USD/JPY) currency pair has been seen trading choppy, slow and overlapping since 2015, which gives us an idea about a triangle pattern can be in progress within a higher degree Wave B). A triangle correction is a five-wave pattern, that usually unfolds prior to the final wave. This final wave in our case is labeled as the following Red Wave C). A triangle pattern also takes longer to fully unfold, rather than a simple zig-zag correction, meaning even more slow price activity can show up on the pair.
Specifically, we see price trading at the start of Sub-wave D of B), that can search for resistance near the upper triangle line and from there make a new and final drop lower into Leg E.
All that being said, once the former swing high at 118.23 level gets breached, that is when Wave B) correction will be considered as completed and Wave C) will be on the move, towards new highs.