Bean can :
Disconnect the battery.
Remove the front engine cover by unscrewing the two Allen screws.
You'll find the bean can in the lower part of the engine front.
It contains either the points (bike made between 1978 to 1981) or an Hall effect sensor to serve the same purpose (bike made after year model 1981 to end of production).
Reassemble in reverse.
Try no to destroy the oval shaped aluminum cover. It is useful preventing grime going into the bean can.... and put it back after lubing.
WD40 is not good at lubricating but you can try this first. If it does the trick, IMHO you'd better remove the bean can, and dismantle it for cleaning, lubrication and adjust. But if you go this route, bear in mind you will have to set the timing point properly on reassembly on the bike. So mark the original position to have the bike start and have a strobe timing light available to fine tune....
Edit : corrected typo