“A male voyeur is watching a peeing lady who is sitting near a stream.”
He is peeking through a small hole in the fence while masturbating ferociously. A design that influenced artists like Kunisada and Kuniyoshi.
Reference: p.189 (Fig.36) in ‘Japanese Erotic Art: The Hidden World of Shunga’ by Ofer Shagan.
Antique Japanese color woodblock. Shunga (Erotic print).