From testing for the next version here, I am finding that the changes to the AI settings has made the PhotoTarget difficult to target, requiring the player to get in real close, like less than 1000 yards. The "sonar line" does help in finding them, when there are only a few, but can get downright confusing when there are several in a small area, so I'm working on trying something different there.
However, in what you are doing there at Wake, if I am remembering correctly, the PhotoValue is not set correctly, and it will be next to impossible to complete the Photo portions of the mission, even if the rest of it was set correctly. When I first built the mission, there were quite a few more PhotoTargets sprinkled about the shores of the atolls, but since the sonar lines made things into a confusing mess, I deleted most of the PhotoTargets, but neglected to re-set the score needed to complete the mission, so with that, don't try to do the photographs.
Second with that, is the journey to Wake was actually conducted after December 28th, 1941. In other words, when the Japanese had wrested control of the atoll from the US - therefore, you are there prior to when the photo portion of the mission is necessary. Small detail
Lastly, to make certain you're doing the procedure fully, using 100% realism makes the Photo mission very difficult, even when the scenario is set-up correctly (which none of them are in your current assignment). The primary issue with the PhotoTarget is finding it, then getting it to "Lock" in the periscope. Once you have the target "Lock", then ID the target. With the manual targeting, you have to have the Recognition Manual open, turned to the PhotoTarget page, and click on the "Send to TDC" box in the upper-right corner of its page. Then you can click the button and maybe get the photo to take. Since the scenario is not set-up correctly (by me, the author), you probably will not get full functionality though. In other words, in spite of following the procedures for a Photo mission correctly, you might not be able to get the camera tab button on the menu to light up to be able to take a picture, or it might light and you click on it, but never get a picture to show on the clipboard Captain's Log, which is probably the case here...
The photo portions of the mission you have are not integral to the scenario, just an opportunity for more renown points. Once you have completed the "patrol" portion of the mission, you will receive another assignment for Guam, which will also have a Photo portion of that assignment also. After that patrol assignment is complete, then you are sent to Eniwetok Atoll with the same parameters, and again, the photo portion probably will not complete. The main problem with the Photo portions is that they are listed out of order in the text file. That particular mission has been redone for the next release and does work correctly now, but I am stuck trying to get the somewhat "historical" Photo missions for the pre-invasion panoramic assignments to work correctly (the player having to get in too close), which is very disappointing to me - still working on them though...